Section 30 - Amendment of section 117 - Companies (Amendment) Act, 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. .