Section 17 - Amendment of section 60 - The Limited Liability Partnership (Amendment) Act, 2021

Amendment of section 60 17 . In section 60 of the principal Act, for sub-section (4), the following sub-section shall be substituted, namely:- (4) If default is made in complying with the provisions of sub-section (3), the limited liability partnership and its every designated partner shall be liable to a penalty of ten thousand rupees, and in case of continuing default, with a further penalty of one hundred rupees for each day after the first during which such default continues, subject to a maximum of one lakh rupees for limited liability partnership and fifty thousand rupees for every designated partner. .