Section 123B: Statement by company having annual turnover exceeding 100 million rupees

123B. Statement by company having annual turnover exceeding 100 million rupees (1) Where the annual turnover of a company exceeds 100 million rupees, it shall submit to the Director-General a statement giving details of payments made during the year for the purchase of goods and services in excess of 100,000 rupees and giving such information and particulars within such time and in such manner as may be prescribed. (2) Where, in a year, a company is required to submit a statement under subsection (1), it shall submit the statement in respect of every succeeding year, unless otherwise authorised in writing by the Director-General. (3) Where a company does not submit a statement under subsection (1) within the prescribed time, it shall be liable to pay to the Director-General a penalty of 5,000 rupees per month or part of the month, until the time the statement is submitted to the Director-General, provided that the total penalty payable shall not exceed 20,000 rupees. (4) Where a penalty is payable under subsection (3), the Director-General shall make a claim to the company specifying the amount of penalty payable and the reason for making such a claim. (5) Where a claim is made under subsection (4), the company shall pay the amount of penalty within 28 days of the date of the claim. (6) Any company which fails to comply with subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees. [S. 123B inserted by s. 24 (zc) of Act 9 of 2015 w.e.f. 1 July 2015.]