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of <h1>Section 203 Amendment: Companies Face Penalties for Non-Compliance; Directors and Managers Also Liable for Daily Fines.</h1> Section 203 of the principal Act has been amended to replace sub-section (5) with a new provision. If a company fails to comply with this section, it will incur a penalty of five lakh rupees. Additionally, each director and key managerial personnel responsible for the default will face a penalty of fifty thousand rupees. For ongoing defaults, a further penalty of one thousand rupees per day will be imposed, not exceeding five lakh rupees in total.
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