Amendment to Section 121: Companies face increased penalties for late report filing; officers also liable for fines.
Section 121 of the principal Act has been amended to impose penalties on companies failing to file the required report within the specified period. If a company fails to comply, it faces a penalty of one lakh rupees, with an additional penalty of five hundred rupees per day for continued non-compliance, up to a maximum of five lakh rupees. Officers of the company in default are subject to a penalty of at least twenty-five thousand rupees, with an additional five hundred rupees per day for ongoing failure, capped at one lakh rupees.
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