Removal of imprisonment: amended penal provision replaces imprisonment and combined penalty with fine only in company law. The amendment to section 40, sub section (5), omits the words prescribing imprisonment and substitutes the prior phrase allowing a fine together with ... Summary
Removal of imprisonment: amended penal provision replaces imprisonment and combined penalty with fine only in company law.
The amendment to section 40, sub section (5), omits the words prescribing imprisonment and substitutes the prior phrase allowing a fine together with imprisonment so that the provision now specifies only a fine of three lakh rupees, removing the option of imprisonment or a combined fine and imprisonment penalty.
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