Amendment status not verified — confirm the current text below against the official source.
(1) A promoter who, without reasonable cause, fails to apply for registration within the time prescribed shall be liable to a penalty of one lakh rupees. (2) Any other person who, without reasonable cause, fails to apply for registration within the time prescribed shall be liable to a penalty of one lakh rupees. (3) The power to levy the penalties shall be vested with the Assistant Commissioner.