Non issue of share certificates in a PRIVATE Company - penalty

Anil (Querist) 19 August 2008 This query is : Resolved
A PRIVATE company has complied with all the provisions of the Companies Act except that it has not issued Share Certificates in physicall form to its share holders.

Which penal section applies in this situation and what is the penalty?

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Manish Singh (Expert) 20 August 2008
If some body has to make complaint against you, he will approach the CLB and then the CLB would pass the order against you and if non compliance is done, the RoC SHALL start prosecution against you.

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