1[ If a limited liability partnership or any partner or any designated partner or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the limited liability partnership or any partner or any designated partner or any other person, who is in the default, shall be liable to a penalty of five thousand rupees and in case of a continuing contravention with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of one lakh rupees.]
Source footnotes
1. Subs. by s. 24, ibid., for section 74 (w.e.f. 1-4-2022).आगे पढ़ें / Continue reading
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Limited liability partnership to be body corporate.Section 4 · Non-applicability of the Indian Partnership Act, 1932.Section 5 · Partners.Section 6 · Minimum number of partners.Section 7 · Designated partners.Section 8 · Liabilities of designated partners.India Code, Government of India. Text fetched 25 Oct 2026. Source metadata reports last modification: 2019-12-02. Check the linked official text and subsequent notifications when applying a provision.