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of <h1>Section 102 Amendment: Penalties for Non-Compliance Now Include Hefty Fines for Promoters and Key Managerial Personnel.</h1> Section 102 of the principal Act is amended by replacing sub-section (5). The new provision states that if there is any default in complying with this section, every promoter, director, manager, or other key managerial personnel of the company in default will face a penalty. This penalty is set at fifty thousand rupees or five times the amount of benefit gained by the promoter, director, manager, or other key managerial personnel or any of their relatives, whichever amount is higher.
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