Penalty framework for contravention of company rules expanded to cover continuing default liability and prescribed penalties. Section 469 of the Companies Act, 2013 is amended to empower rules made under the provision to specify penalties for contravention of such rules. The substituted sub-section authorises liability, in the event of default, for the company, every officer in default, or any other person concerned, to a prescribed penalty not exceeding five lakh rupees. Where the default continues, the provision also permits a further prescribed penalty not exceeding five thousand rupees for every day during which the default persists.