What are the criminal penalties for non-compliance with the provisions of the Companies Act in relation to the annual general meeting and the statutory meeting?

Under Section 130 (9) of the Act, failure to hold a statutory meeting renders every director of the company who is knowingly and wilfully guilty of the default or in the case of default the Company, every officer in default liable to a fine not exceeding KShs1,000.

Under Section 131 (5) of the Act failure to hold an annual general meeting in accordance with Section 131 (1) of the Act renders the Company and every officer in default liable to a default fine not exceeding KShs2,000.

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