(1) If the limited liability partnership contravenes the provisions of sub-section (1) of section 7, the limited liability partnership and its every
partner shall be 2[liable to a penalty of ten thousand rupees and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of one lakh rupees for the limited liability partnership and fifty thousand rupees for every partner of such limited liability partnership].
3[(2) If the limited liability partnership contravenes the provision of sub-section (4) of section 7, such limited liability partnership and its every designated partner shall be liable to a penalty of five thousand rupees and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of fifty thousand rupees for the limited liability partnership and twenty-five thousand rupees for its every designated partner.
(3) If the limited liability partnership contravenes the provisions of sub-section (5) of section 7 or section 9, such limited liability partnership and its every partner shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of one lakh rupees for the limited liability partnership and fifty thousand rupees for its every partner.]
Footnotes in the official text
- 1.The figure “8” omitted by s. 5, ibid. (w.e.f. 1-4-2022).
- 2.Subs. by s. 5, ibid., for “punishable with fine which shall not be less than ten thousand rupees, but which may extend to five lakh rupees” (w.e.f. 1-4-2022).
- 3.Subs. by Act 31of 2021, s. 5, for sub-section (2) (w.e.f. 1-4-2022).