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of <h1>Companies Act Amendment: Section 172 introduces penalties for non-compliance, with daily fines for ongoing violations.</h1> Section 172 of the principal Act has been amended under the Companies (Amendment) Act, 2020. The revised section stipulates that if a company fails to comply with any provisions of the relevant chapter without a specified penalty, both the company and its defaulting officers will incur a penalty of fifty thousand rupees. For ongoing non-compliance, an additional penalty of five hundred rupees per day is imposed, capped at three lakh rupees for the company and one lakh rupees for the officer in default.
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