Amendment of section 117

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..... In section 117 of the principal Act, for sub-section (2), the following sub-section shall be substituted, namely:- (2) If any company fails to file the resolution or the agreement under sub-sect .....

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..... y, if any, shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure .....

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