245 - Final order and penalty

Question 1

Order of tribunal

Answer 1

Shall be final and binding in case of class action suits

Question 2

Penalty

Answer 2

• Company - 5 lacs - 25 lacs

- OID - 25,000 - 1 lac + Imprisonment upto 3 years

Question 3

Frivolous application (not having serious purpose)

Answer 3

Tribunal may reject such application with reasons in writing for rejection
Require applicant to pay max 1 lac to opposite party

Question 4

Non-applicability of section 245

Answer 4

Not applicable to Banking companies (cases can be filed u/s 241, 242, 243 & 244)