Penalty framework for non-compliance: company and officer fines plus daily continuing penalty enforced under amended law The amendment replaces subsection (5) of section 203 to impose a penalty of five lakh rupees on a defaulting company, a penalty of fifty thousand rupees on each director and key managerial personnel in default, and a further continuing penalty of one thousand rupees per day after the first day of default, subject to an overall cap of five lakh rupees on the continuing penalty.