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of <h1>Companies Act Amended: Section 117 Changes Penalties, Removes Clause, Exempts Banking Companies from Loan and Security Requirements</h1> Section 117 of the principal Act is amended by the Companies (Amendment) Act, 2017. In sub-section (1), the reference to the time specified under section 403 is removed. Sub-section (2) is revised to replace the phrase 'under section 403 with additional fees' with 'therein,' and the penalty amounts are reduced from five lakh rupees to one lakh rupees and from one lakh rupees to fifty thousand rupees. In sub-section (3), clause (e) is omitted, and a proviso is added to clause (g), exempting banking companies from certain requirements related to loans and securities in the ordinary course of business.
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