Clause 30 - Amendment of section 117 - Companies (Amendment) Bill, 2017

30. In section 117 of the principal Act,- ( i ) in sub-section ( 1 ), the words and figures within the time specified under section 403 shall be omitted; ( ii ) in sub-section ( 2 ),- ( a ) for the words and figures under section 403 with additional fees , the word therein shall be substituted; ( b ) for the words not be less than five lakh rupees , the words not be less than one lakh rupees shall be substituted; ( c ) for the words one lakh rupees , the words fifty thousand rupees shall be substituted; ( iii ) in sub-section ( 3 ),- ( a ) clause ( e ) shall be omitted; ( b ) in clause ( g ), in the proviso, the word and shall be omitted and the following proviso shall be inserted, namely:- Provided further that nothing contained in this clause shall apply to a banking company in respect of a resolution passed to grant loans, or give guarantee or provide security in respect of loans under clause ( f ) of sub-section ( 3 ) of section 179 in the ordinary course of its business; and. .