Section 25 - Amendment of section 203 - Companies (Amendment) Ordinance, 2019

Amendment of section 203 25 . In section 203 of the principal Act, for sub-section (5), the following sub-section shall be substituted, namely:- (5) If any company makes any default in complying with the provisions of this section, such company shall be liable to a penalty of five lakh rupees and every director and key managerial personnel of the company who is in default shall be liable to a penalty of fifty thousand rupees and where the default is a continuing one, with a further penalty of one thousand rupees for each day after the first during which such default continues but not exceeding five lakh rupees. .