Which of the following statements is incorrect with respect to the obligations of companies and auditors as per section 147 of the Companies Act, 2013?
1
In the event of the conviction of an auditor, he shall be liable to return to the company the remuneration received by him.
2
Every officer of the defaulting company shall be punished with imprisonment of either description for a term which may extend to one year, or with a fine which may extend to one lakh rupees, or with both.
3
If the auditor of a company contravenes any of the provisions of section 139, the auditor shall be punished with a fine which shall not be less than Rs.50,000 to a maximum of Rs.5 lakh [or four times the remuneration of the auditor, whichever is less].
4
The company can be punished with a fine of Rs 25,000 to Rs 5 lakh.