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of <h1>Companies Act Amended: Penalties for Not Maintaining Member Registers Now Three Lakh Rupees; Officers Face Fifty Thousand Rupee Fine.</h1> Section 88 of the principal Act has been amended by the Companies (Amendment) Act, 2020. The revised sub-section (5) stipulates that if a company fails to maintain a register of members, debenture-holders, or other security holders, or does not comply with the provisions of sub-sections (1) or (2), the company will incur a penalty of three lakh rupees. Additionally, every officer in default will be subject to a penalty of fifty thousand rupees.
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