Section 42 - Amendment of section 454. - Companies (Amendment) Act, 2019

Amendment of section 454. 42. In section 454 of the principal Act,- (i) for sub-section (3), the following sub-section shall be substituted, namely:- (3) The adjudicating officer may, by an order- (a) impose the penalty on the company, the officer who is in default, or any other person, as the case may be, stating therein any non-compliance or default under the relevant provisions of this Act; and (b) direct such company, or officer who is in default, or any other person, as the case may be, to rectify the default, wherever he considers fit. ; (ii) in sub-section (4), for the words such company and the officer who is in default , the words such company, the officer who is in default or any other person shall be substituted; (iii) in sub-section (8),- (a) in clause (i), for the words does not pay the penalty imposed by the adjudicating officer or the Regional Director , the words, brackets and figures fails to comply with the order made under sub-section (3) or sub-section (7), as the case may be, shall be substituted; (b) in clause (ii) (i) for the words Where an officer of a company , the words Where an officer of a company or any other person shall be substituted; (ii) for the words does not pay the penalty , the words, brackets and figures fails to comply with the order made under sub-section (3) or sub-section (7), as the case may be, shall be substituted.