Section 18 - Amendment of section 62 - The Limited Liability Partnership (Amendment) Act, 2021

Amendment of section 62 18 . In section 62 of the principal Act, for sub-section (4) and Explanation occurring after sub-section (4), the following sub-section and Explanation 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 the 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. Explanation .-For the purposes of this section,- (i) property includes property, rights and powers of every description and liabilities includes duties of every description; (ii) a limited liability partnership shall not be amalgamated with a company. .