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of <h1>Amendment to Section 450: Fines replaced with penalties; daily charges capped at 2 lakh for companies, 50k for officers.</h1> Section 450 of the principal Act has been amended by the Companies (Amendment) Act, 2020. The amendment replaces the previous fine structure with a penalty system. A contravention is now liable to a penalty of ten thousand rupees, with an additional penalty of one thousand rupees for each day the contravention continues. This is capped at a maximum of two lakh rupees for a company and fifty thousand rupees for an officer in default or any other person involved.
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