Section 86 — Punishment for contravention

1[ 2[(1)] If any company is in default in complying with any of
the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer
of the company who is in default shall be liable to a penalty of fifty thousand rupees].
3[(2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any
material information, required to be registered in accordance with the provisions of section 77, he shall be
liable for action under section 447.]
4[87. Rectification by Central Government in Register of charges. —The Central Government on
being satisfied that—
(a) the omission to give intimate to the Registrar of the payment or satisfaction of a charge, within
the time required under this Chapter; or
(b) the omission or misstatement of any particulars, in any filing previously made to the Registrar
with respect to any charge or modification thereof or with respect to any memorandum of satisfaction
or other entry made in pursuance of section 82 or section 83,
was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the
position of creditors or shareholders of the company, it may, on the application of the company or any
person interested and on such terms and conditions as it deems just and expedient, direct that the time for
the giving of intimation of payment or satisfaction shall be extended or, as the case may require, that the
omission or misstatement shall be rectified.]