SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5
transferred, without any restrictions, to the authority constituted under
sub-section (5) of section 125, in such manner as may be prescribed.”;
(iii) after sub-section (9), as so substituted, the following sub-section shall be
inserted, namely:—
“(9A) The Central Government may make rules for the purposes of this
section.”;
(iv) in sub-section (11), after the word, brackets and figure “sub-section (4)”,
the words, brackets, figure and letter “or required to take necessary steps under
sub-section (4A)” shall be inserted.
15. In section 92 of the principal Act, for sub-section (5), the following sub-section
shall be substituted, namely:—
“(5) If any company fails to file its annual return under sub-section (4), before
the expiry of the period specified therein, such company and its every officer who is in
default shall be liable to a penalty of fifty thousand rupees and in case of continuing
failure, with a further penalty of one hundred rupees for each day after the first during
which such failure continues, subject to a maximum of five lakh rupees.”.
16. In section 102 of the principal Act, for sub-section (5), the following sub-section
shall be substituted, namely:—
“(5) Without prejudice to the provisions of sub-section (4), if any default is
made in complying with the provisions of this section, every promoter, director, manager
or other key managerial personnel of the company who is in default shall be liable to a
penalty of fifty thousand rupees or five times the amount of benefit accruing to the
promoter, director, manager or other key managerial personnel or any of his relatives,
whichever is higher.”.
17. In section 105 of the principal Act, in sub-section (3), for the words “punishable
with fine which may extend to five thousand rupees”, the words “liable to a penalty of five
thousand rupees” shall be substituted.
18. In section 117 of the principal Act, for sub-section (2), the following sub-section
shall be substituted, namely:—
“(2) If any company fails to file the resolution or the agreement under
sub-section (1) before the expiry of the period specified therein, such company shall
be liable to a penalty of one lakh rupees and in case of continuing failure, with a further
penalty of five hundred rupees for each day after the first during which such failure
continues, subject to a maximum of twenty-five lakh rupees and every officer of the
company who is in default including liquidator of the company, if any, shall be liable to
a penalty of fifty thousand rupees and in case of continuing failure, with a further
penalty of five hundred rupees for each day after the first during which such failure
continues, subject to a maximum of five lakh rupees.”.
19. In section 121 of the principal Act, for sub-section (3), the following sub-section
shall be substituted, namely:—
“(3) If the company fails to file the report under sub-section (2) before the expiry
of the period specified therein, such company shall be liable to a penalty of one lakh
rupees and in case of continuing failure, with a further penalty of five hundred rupees
for each day after the first during which such failure continues, subject to a maximum
of five lakh rupees and every officer of the company who is in default shall be liable to
a penalty which shall not be less than twenty-five thousand rupees and in case of
continuing failure, with a further penalty of five hundred rupees for each day after the
first during which such failure continues, subject to a maximum of one lakh rupees.”.
Amendment
of section 92.
Amendment
of section
102.
Amendment
of section
105.
Amendment
of section
117.
Amendment
of section
121.