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of <h1>Proposed Changes to Companies Act: Amended Penalties in Section 76A for Deposit Acceptance by Companies</h1> The Companies (Amendment) Bill, 2017 proposes changes to section 76A of the principal Act. It amends clause (a) by replacing 'one crore rupees' with 'one crore rupees or twice the amount of deposit accepted by the company, whichever is lower.' In clause (b), it changes the phrase 'seven years of with fine' to 'seven years and with fine' and removes the phrase 'or with both.' These amendments aim to modify the penalties related to deposit acceptance by companies.
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