Penalty substitution: imprisonment under section 184(4) replaced by a fixed monetary penalty for directors and officers. The amendment replaces the earlier criminal sanction permitting imprisonment or fine with a provision that the contravention shall be liable to a penalty ... Summary
Penalty substitution: imprisonment under section 184(4) replaced by a fixed monetary penalty for directors and officers.
The amendment replaces the earlier criminal sanction permitting imprisonment or fine with a provision that the contravention shall be liable to a penalty of one lakh rupees, thereby converting the prior punitive exposure into a specified monetary liability.
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