Penalty framework for Companies Act default replaces the earlier fine-based consequence with a civil penalty provision. Section 249 of the Companies Act, 2013 is amended in sub-section (2) by replacing the phrase 'punishable with fine which may extend to one lakh rupees' with 'liable to a penalty of fifty thousand rupees.' The amendment changes the consequence for the specified default from a fine-based formulation to a penalty-based formulation.