Section 11 - Amendment of section 90 - Companies (Amendment) Ordinance, 2019

Amendment of section 90 11 . In section 90 of the principal Act,- (i) for sub-section (9), the following sub-section shall be substituted, namely:- (9) The company or the person aggrieved by the order of the Tribunal may make an application to the Tribunal for relaxation or lifting of the restrictions placed under sub-section (8), within a period of one year from the date of such order: Provided that if no such application has been filed within a period of one year from the date of the order under sub-section (8), such shares shall be transferred,without any restrictions, to the authority constituted under sub-section (5) of section 125, in such manner as may be prescribed; (ii) in sub-section (10),- (a) after the word punishable , the words with imprisonment for a term which may extend to one year or shall be inserted; (b) after the words 'ten lakh rupees , the words ''or with both shall be inserted;