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Section 594 and penalty

(Querist) 16 July 2009 This query is : Resolved 
a foreign company has been contravening Section 394 for the past 4 years due to ignorance of the law. Penalty under Section 598 states a maximum of Rs.10,000 and for continuing default Rs. 1000 per day. What is the maximum limit for this continuing default? or can the penalty go upto any amount??
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s.subramanian (Expert) 17 September 2010
Yes. Till the default and breach continues.

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