Section 18 - Amendment of section 140 - Companies (Amendment) Ordinance, 2019

Amendment of section 140 18 . In section 140 of the principal Act, for sub-section (3), the following sub-section shall be substituted, namely:- (3) If the auditor does not comply with the provisions of sub-section (2), he or it shall be liable to a penalty of fifty thousand rupees or an amount equal to the remuneration of the auditor, whichever is less, 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. .