Section 499

Punishment for non-compliance of directive of Court.—(1) Where any directive is given or order is issued by the Court, the officer, the Commission, the registrar or the concerned Minister-in-Charge of the Federal Government under any provision of this Act, non-compliance thereof within the period specified in such direction or order shall render every officer of the company or other person responsible for non-compliance thereof punishable, in addition to any other liability, shall be liable to a penalty of level 3 on the standard scale.

(2) If non-compliance or failure continues after conviction under subsection (1), the officer or other person who is a party to such non-compliance or failure shall be liable to punishment with imprisonment which may extend to one year and fine not exceeding ten thousand rupees for every day after the first during which such non-compliance continues, and shall further cease to hold office in the company and be disqualified from holding any office in any company for a period of five years.