Companies Act Amendment: Section 92 Penalties Reduced for Companies and Officers; Maximum Penalty Now Two Lakh Rupees.
Section 92 of the principal Act has been amended by the Companies (Amendment) Act, 2020. In subsection (5), the penalty amounts have been revised: "fifty thousand rupees" is replaced with "ten thousand rupees" and "five lakh rupees" is replaced with "two lakh rupees" for companies and "fifty thousand rupees" for officers in default. In subsection (6), the phrase "punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees" is replaced with "liable to a penalty of two lakh rupees."
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.
TaxTMI 
of 
https://www.taxtmi.com/ac...
TaxTMI 
