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.]
1. Subs. by s. 24, ibid., for section 74 (w.e.f. 1-4-2022).