Section 16 - Amendment of section 121 - Companies (Amendment) Ordinance, 2019

16. Amendment of section 121 In section 121 of the principal Act, for sub-section (3), Amendment of the following sub-section shall be substituted, namely:- (3) If the company fails to file the report under subsection (2) before the expiry of the period specified therein, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees and every officer of the company who is in default shall be liable to a penalty which shall not be less than twenty-five thousand rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of one lakh rupees. .