Reduced penalty caps apply to specified small companies, imposing lower maximum penalties for companies and officers.

Section 446B creates a reduced penalty regime for One Person Company, small company, start up company and Producer Company and for any officer in default or other person in respect of such companies, limiting liability to not more than one half of the penalty otherwise prescribed and subject to specified maximum monetary caps; it defines Producer Company and start up company for the section and operates as an exception to other penalty provisions of the Act.

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