Penalty for failure to file corporate resolutions triggers escalating daily fines and officer liability under amended company law.

Substitution of sub section (2) of section 117 imposes an initial penalty on a company for failure to file the required resolution or agreement and a continuing daily penalty of five hundred rupees per day after the first, subject to a maximum cap of twenty five lakh rupees. Every officer in default, including a liquidator, is separately liable to an initial penalty and a continuing daily penalty of five hundred rupees per day after the first, subject to a maximum cap of five lakh rupees.

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