Default rectification prevents penalty under companies law when compliance is corrected within the cure period. The amendment provides that if a default for non compliance with sub section (4) of section 92 or sub section (1) or (2) of section 137 is rectified prior ... Summary
Default rectification prevents penalty under companies law when compliance is corrected within the cure period.
The amendment provides that if a default for non compliance with sub section (4) of section 92 or sub section (1) or (2) of section 137 is rectified prior to, or within thirty days of, the adjudicating officer's notice, no penalty will be imposed and all proceedings under that section shall be deemed concluded.
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