Penalty for default: personal liability for promoters and key managerial personnel for non-compliance with the provision. The amendment makes every promoter, director, manager or other key managerial personnel in default personally liable to a penalty equal to the higher of a ... Summary
Penalty for default: personal liability for promoters and key managerial personnel for non-compliance with the provision.
The amendment makes every promoter, director, manager or other key managerial personnel in default personally liable to a penalty equal to the higher of a prescribed baseline amount or a multiple of the benefit accruing to the defaulting individual or any of their relatives, without prejudice to related subsection obligations.
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