450. Punishment where no specific penalty or punishment is provided.— If a company or any
officer of a company or any other person contravenes any of the provisions of this Act or the rules made
thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent,
confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or
granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and
every officer of the company who is in default or such other person shall be punishable with fine which
may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine
which may extend to one thousand rupees for every day after the first during which the contravention
continues.
