Section 62 - Substitution of new section for section 446B - The Companies (Amendment) Act, 2020

Substitution of new section for section 446B. 62 . For section 446B of the principal Act, the following section shall be substituted, namely:- Lesser penalties for certain companies. '446B. Notwithstanding anything contained in this Act, if penalty is payable for non-compliance of any of the provisions of this Act by a One Person Company, small company, start-up company or Producer Company, or by any of its officer in default, or any other person in respect of such company, then such company, its officer in default or any other person, as the case may be, shall be liable to a penalty which shall not be more than one-half of the penalty specified in such provisions subject to a maximum of two lakh rupees in case of a company and one lakh rupees in case of an officer who is in default or any other person, as the case may be. Explanation .-For the purposes of this section,- (a) Producer Company means a company as defined in clause (l) of section 378A; (b) start-up company means a private company incorporated under this Act or under the Companies Act, 1956 (1 of 1956) and recognised as start-up in accordance with the notification issued by the Central Government in the Department for Promotion of Industry and Internal Trade.'.