Companies Act, 2017 — section 474

474. Enforcing compliance with provisions of Act..—(1) If a company, having made default in complying with any provision of this Act or committed any other irregularity fails to make good the default or undo the irregularity, as the case may be, within thirty days after the service of a notice on the company requiring it to do so, the Commission may, of its own motion or on an application made to it by any member or creditor of the company or a reference by the registrar and, in the case of a listed company, besides other persons as aforesaid, on a reference by the securities exchange, make an order directing the company and any officer thereof, as the case may be, to make good the default or undo the irregularity or otherwise make amends, as the circumstances may require, within such time as may be specified in the order.

(2)Any such order may provide that all costs of and incidental to the application or reference shall be borne by the company or by an officer of the company responsible for the default.

(3)Nothing in this section shall be taken to prejudice the operation of any enactment imposing penalties on a company or its officers in respect of any such default as aforesaid. 475. Power of Court trying offences under Act to direct compliance with the provisions.—The Court, the Commission, the registrar or other officer trying an offence for a default in compliance with any provisions or requirements of this Act may, at any time during the pendency of the trial or at the time of passing final order, direct, without prejudice to any liability, any officer, auditor or employee of the company in respect of which the default has been committed to undo the irregularity including but not limited to unwinding the unlawful transaction or to comply with the said provisions or requirements within such time as may be specified in the order. LEGAL PROCEEDINGS, OFFENCES