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of <h1>Reduced penalties for Companies Act non-compliance by OPCs, small, start-up and Producer Companies, capped at ?2 lakh</h1> Prescribes a reduced penalty regime for non-compliance with any provision of the Companies Act, 2013 where the penalty is payable by a One Person Company, small company, start-up company or Producer Company, or by its officer in default or any other person in respect of such company. In such cases, the applicable penalty is capped at not more than one-half of the penalty specified for the contravention, subject to an absolute maximum of two lakh rupees for the company and one lakh rupees for the officer in default or other person, thereby limiting monetary exposure for specified classes of companies and related persons. The provision also defines 'Producer Company' by reference to section 378A and 'start-up company' as a recognised private company.
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