Section 24 - Amendment of section 197 - Companies (Amendment) Ordinance, 2019

24. Amendment of section 197 In section 197 of the principal Act,- (a) sub-section (7) shall be omitted; (b) for sub-section (15), the following sub-section shall be substituted, namely;- (15) If any person makes any default in complying with the provisions of this section, he shall be liable to a penalty of one lakh rupees and where any default has been made by a company, the company shall be liable to a penalty of five lakh rupees. .