Penalty liability amendment replaces imprisonment and variable fines with fixed monetary penalties for companies and defaulting officers. The amendment converts the previous imprisonment-and-fine regime in section 178(8) into fixed monetary liability: the company is liable to a penalty of ... Summary
Penalty liability amendment replaces imprisonment and variable fines with fixed monetary penalties for companies and defaulting officers.
The amendment converts the previous imprisonment-and-fine regime in section 178(8) into fixed monetary liability: the company is liable to a penalty of five lakh rupees, and an officer in default is liable to a penalty of one lakh rupees, removing the prior minimum/maximum fine wording and imprisonment sanction for defaulting officers.
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