Penalty adjudication framework is revised for companies, with expanded appeals, court payment powers, and transfer procedures. Section 454 is amended to replace 'Registrar' with 'Assistant Registrar' and to allow a company or officer in default to apply for adjudication of penalty in the prescribed form and manner on payment of prescribed fees. The appellate framework is widened to include a notified Appellate Authority not below the rank of Joint Director, with corresponding references updated accordingly. The amendment also empowers courts to direct payment of imposed penalties, credits realised penalties to the Consolidated Fund of India, and enables a Central Government Scheme for withdrawal and transfer of matters for adjudication.
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Provisions expressly mentioned in the judgment/order text.
Penalty adjudication framework is revised for companies, with expanded appeals, court payment powers, and transfer procedures.
Section 454 is amended to replace "Registrar" with "Assistant Registrar" and to allow a company or officer in default to apply for adjudication of penalty in the prescribed form and manner on payment of prescribed fees. The appellate framework is widened to include a notified Appellate Authority not below the rank of Joint Director, with corresponding references updated accordingly. The amendment also empowers courts to direct payment of imposed penalties, credits realised penalties to the Consolidated Fund of India, and enables a Central Government Scheme for withdrawal and transfer of matters for adjudication.
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