Section 42 - Amendment of section 232 - The Companies (Amendment) Act, 2020

Amendment of section 232. 42 . In section 232 of the principal Act, for sub-section (8), the following sub-section shall be substituted, namely:- (8) If a company fails to comply with sub-section (5), the company and every officer of the company who is in default shall be liable to a penalty of twenty thousand rupees, and where the failure is a continuing one, with a further penalty of one thousand rupees for each day after the first during which such failure continues, subject to a maximum of three lakh rupees. .