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of <h1>Section 53 Amendment: Companies Issuing Discounted Shares Face Penalties, Must Refund with 12% Interest Annually.</h1> Section 53 of the principal Act has been amended to replace sub-section (3). Under the new provision, if a company fails to comply with this section, both the company and any defaulting officers are subject to a penalty. This penalty can be up to the lesser of the amount raised through the issue of shares at a discount or five lakh rupees. Additionally, the company must refund all monies received from the share issuance, with interest at twelve percent per annum from the date of issuance, to the recipients of those shares.
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