Removal of imprisonment for director defaults, replaced by monetary penalty only under Section 167 amendment. Amendment to Section 167(2) omits the imprisonment clause and substitutes the prior composite penalty wording so that the statutory consequence is ... Summary
Removal of imprisonment for director defaults, replaced by monetary penalty only under Section 167 amendment.
Amendment to Section 167(2) omits the imprisonment clause and substitutes the prior composite penalty wording so that the statutory consequence is restricted to a monetary fine of five lakh rupees, thereby converting the enforcement mechanism from a possible custodial sentence plus fine into a sole pecuniary sanction.
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