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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Companies Act Amendment: New Penalties for Late Resolution Filings, Exemptions for Certain Financial Resolutions Under Section 117</h1> The Companies (Amendment) Act, 2020 modifies section 117 of the principal Act. It replaces sub-section (2) with a provision imposing a penalty on companies failing to file resolutions or agreements on time, with fines starting at ten thousand rupees and increasing by one hundred rupees per day, capped at two lakh rupees. Officers in default face similar penalties, capped at fifty thousand rupees. Sub-section (3), clause (g) is amended to exempt certain financial resolutions from filing requirements, specifically those related to loans by banking companies, specified non-banking financial companies, and housing finance companies, in consultation with relevant regulatory bodies.
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