(1)If any reporting entity referred to in section 286, which is required to furnish the report referred to in sub-section (2) of the said section, in respect of a reporting accounting year, fails to do so, the authority prescribed under that section (herein referred to as prescribed authority) may direct that such entity shall pay, by way of penalty, a sum of,—(a)five thousand rupees for every day for which the failure continues, if the period of failure does not exceed one month; or(b)fifteen thousand rupees for every day for which the failure continues beyond the period of one month.
