Section 44 - Amendment of section 147 - Companies (Amendment) Act, 2017

Amendment of section 147 44. In section 147 of the principal Act,- (i) in sub-section (2),- (a) after the words five lakh rupees , the words or four times the remuneration of the auditor, whichever is less shall be inserted; (b) in the proviso, for the words and with fine which shall not be less than one lakh rupees but which may extend to twenty-five lakh rupees , the words and with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees or eight times the remuneration of the auditor, whichever is less shall be substituted; (ii) in sub-section (3), in clause (ii), for the words or to any other persons , the words or to members or creditors of the company shall be substituted; (iii) in sub-section (5), the following proviso shall be inserted, namely:- Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable. .