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of <h1>Amendment to Section 117: Companies face penalties for late filings, with increasing fines for ongoing non-compliance.</h1> Section 117 of the principal Act has been amended to replace sub-section (2). If a company fails to file the required resolution or agreement within the specified period, it will incur a penalty of one lakh rupees. For continued non-compliance, an additional penalty of five hundred rupees per day will be imposed, up to a maximum of twenty-five lakh rupees. Officers in default, including any liquidator, will face a penalty of fifty thousand rupees, with an additional five hundred rupees per day for ongoing failure, capped at five lakh rupees.
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