Section 5 - Amendment of section 10 - The Limited Liability Partnership (Amendment) Act, 2021

Amendment of section 10 5 . In section 10 of the principal Act,- (a) in the marginal heading, the figure 8 shall be omitted; (b) in sub-section (1), for the words punishable with fine which shall not be less than ten thousand rupees, but which may extend to five lakh rupees , the following shall be substituted, namely:- liable to a penalty of ten thousand rupees and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of one lakh rupees for the limited liability partnership and fifty thousand rupees for every partner of such limited liability partnership. ; (c) for sub-section (2), the following sub-sections shall be substituted, namely:- (2) If the limited liability partnership contravenes the provision of sub-section (4) of section 7, such limited liability partnership and its every designated partner shall be liable to a penalty of five thousand rupees and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of fifty thousand rupees for the limited liability partnership and twenty-five thousand rupees for its every designated partner. (3) If the limited liability partnership contravenes the provisions of sub-section (5) of section 7 or section 9, such limited liability partnership and its every partner shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one hundred rupees for each day after the first during which such contravention continues, subject to a maximum of one lakh rupees for the limited liability partnership and fifty thousand rupees for its every partner. .