CMA Final · Corporate and Economic Laws · Specific Legal Provisions related to MSME Sector
A buyer contravenes the provisions of section 22 of the MSMED Act, 2006. What penalty applies under section 27?
A buyer who contravenes section 22 is punishable with a fine that shall not be less than rupees ten thousand, under section 27(2). This is a minimum fine, unlike the capped fines in section 27(1) for contravening section 8(1) or 26(2).
- AFine of not less than rupees ten thousandCorrect
- BFine up to rupees one thousand
- CFine up to rupees ten thousand
- DImprisonment only, without fine
Explanation
Section 27(2) provides that a buyer contravening section 22 is punishable with fine which shall not be less than rupees ten thousand. The options with upper limits of one thousand or ten thousand relate to the section 27(1) offences, not this one.
Did you get it right without looking?
One question tells you little. A timed set on Specific Legal Provisions related to MSME Sector shows your real accuracy, how long you take and where you lose marks.
More Specific Legal Provisions related to MSME Sector questions
- Under the MSME Development Act, 2006, a buyer contravenes the provisions of section 22 (the requirement relating to specifying the amount of…
- Under the MSMED Act, 2006, which authority may notify preference policies for procurement of goods and services produced and provided by mic…
- Under section 27 of the MSMED Act, 2006, a person is convicted for the second time for intentionally contravening sub-section (1) of section…
- Section 24 of the MSMED Act, 2006 gives overriding effect to which provisions of the Act?
- Under the MSMED Act, 2006, how is interest payable or paid by a buyer under the Act treated when computing income under the Income-tax Act, …
- Under section 27(1) of the MSMED Act, 2006, a person is convicted a second time for intentionally contravening section 8(1). Which statement…