Section 17 - Amendment of section 137 - Companies (Amendment) Ordinance, 2019

Amendment of section 137 17 . In section 137 of the principal Act, in sub-section (3), - (a) for the words punishable with fine , the words liable to a penalty shall be substituted; (b) for the portion beginning with punishable with imprisonment , and ending with five lakh rupees or with both , the words shall be liable to a penalty of one lakh rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees shall be substituted.