Penalty framework for Companies Act default replaces the earlier fine-based consequence with a civil penalty provision. Section 249 of the Companies Act, 2013 is amended in sub-section (2) by replacing the phrase "punishable with fine which may extend to one lakh rupees" ... Summary
Penalty framework for Companies Act default replaces the earlier fine-based consequence with a civil penalty provision.
Section 249 of the Companies Act, 2013 is amended in sub-section (2) by replacing the phrase "punishable with fine which may extend to one lakh rupees" with "liable to a penalty of fifty thousand rupees." The amendment changes the consequence for the specified default from a fine-based formulation to a penalty-based formulation.
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