Companies Act Section 197(15) Amendment Replacing Fine with Penalty Cannot Apply to Pre-2019 Corporate Offenses

HC determined that amendment to Section 197(15) of Companies Act 2013, replacing "punishable with fine" with "penalty" through Companies (Amendment) Act 2019, does not apply retrospectively to offenses committed in 2016. The substitution provision in absence of contrary indication relates back to original 2013 Act. Consequently, proceedings against petitioner under amended Section 197(15) were deemed non-maintainable. Court quashed complaint and cognizance order filed with Special Court for Economic Offences regarding alleged violations of Section 197(3), 197(9) and Rule 7(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. .....

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