Section 13 - Amendment of section 102 - Companies (Amendment) Ordinance, 2019

Amendment of section 102 13. In section 102 of the principal Act, for sub-section (5), the following sub-section shall be substituted, namely:- (5) Without prejudice to the provisions of sub-section (4), if any default is made in complying with the provisions of this section, every promoter, director, manager or other key managerial personnel of the company who is in default shall be liable to a penalty of fifty thousand rupees or five times the amount of benefit accruing to the promoter, director, manager or other key managerial personnel or any of his relatives, whichever is higher. .