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of <h1>Section 454 Amended: No Penalty for Rectified Defaults in Sections 92(4) or 137(1)(2) Within 30 Days of Notice.</h1> In the Companies (Amendment) Act, 2020, section 454 of the principal Act is amended to include a proviso in subsection (3). This proviso specifies that if a default concerning non-compliance with subsection (4) of section 92 or subsections (1) or (2) of section 137 is rectified either before or within thirty days of the adjudicating officer's notice, no penalty will be imposed. Additionally, all proceedings related to such default will be considered concluded.
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