Clause 80 - Amendment of section 403. - Companies (Amendment) Bill, 2017

Amendment of section 403. 80. In section 403 of the principal Act,- ( i ) in sub-section ( 1 ), for the first and second provisos, the following provisos shall be substituted, namely:- Provided that where any document, fact or information required to be submitted, filed, registered or recorded, as the case may be, under section 92 or 137 is not submited, filed, registered or recorded, as the case may be, within the period provided in those sections, without prejudice to any other legal action or liability under this Act, it may be submitted, filed, registered or recorded, as the case may be, after expiry of the period so provided in those sections, on payment of such additional fee as may be prescribed, which shall not be less than one hundred rupees per day and different amounts may be prescribed for different classes of companies : Provided further that where the document, fact or information,as the case may be, in cases other than referred to in the first proviso, is not submitted, filed, registered or recorded, as the case may be, within the period provided in the relevant section,it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded as the case may be, on payment of such additional fee as may be prescribed and different fees may be prescribed for different classes of companies: Provided also that where there is default on two or more occasions in submitting, filing, registering or recording of the document, fact or information,it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded, as the case may be, on payment of a higher additional fee, as may be prescribed and which shall not be lesser than twice the additional fee provided under the first or the second proviso as applicable. ; ( ii ) for sub-section ( 2 ), the following sub-section shall be substituted, namely:- ( 2 ) Where a company fails or commits any default to submit, file, register or record any document, fact or information under sub-section ( 1 ) before the expiry of the period specified in the relevant section, the company and the officers of the company who are in default, shall, without prejudice to the liability for the payment of fee and additional fee, be liable for the penalty or punishment provided under this Act for such failure or default. .