Section 204, 232, 242, 243, 247, 284, 302 of Companies Amendment Act 2020

Amendment to Section 204

In section 204 of the principal Act, in sub-section (4), for the words "punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees", the words "liable to a penalty of two lakh rupees" shall be substituted.

Amendment to Section 232

In section 232 of the principal Act, for sub-section (8), the following sub-section shall be substituted, namely:-

"(8) If a company fails to comply with sub-section (5), the company and every officer of the company who is in default shall be liable to a penalty of twenty thousand rupees, and where the failure is a continuing one, with a further penalty of one thousand rupees for each day after the first during which such failure continues, subject to a maximum of three lakh rupees."

Amendment to Section 242 of Companies Act 2013

In section 242 of the principal Act, in sub-section (8),-

(a) the words "with imprisonment for a term which may extend to six months or" shall be omitted;

(b) for the words "one lakh rupees, or with both", the words "one lakh rupees"
shall be substituted.

Amendment to Section 243 of Companies Act 2013

In section 243 of the principal Act, in sub-section (2),-

(a) the words "with imprisonment for a term which may extend to six months or" shall be omitted;

(b) for the words "five lakh rupees, or with both", the words "five lakh rupees"
shall be substituted.

Amendment to Section 247 of Companies Act 2013

In section 247 of the principal Act, in sub-section (3), for the words "punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees", the words "liable to a penalty of fifty thousand rupees" shall be substituted.

Amendment to Section 284 of Companies Act 2013

In section 284 of the principal Act, for sub-section (2), the following sub-sections shall be substituted, namely:-

"(2) If any person required to assist or cooperate with the Company Liquidator under sub-section (1) does not assist or cooperate, the Company Liquidator may make an application to the Tribunal for necessary directions.

(3) On receiving an application under sub-section (2), the Tribunal shall, by an order, direct the person required to assist or cooperate with the Company Liquidator to comply with the instructions of the Company Liquidator and to cooperate with him in discharging his functions and duties."

Amendment to Section 302 of Companies Act 2013

In section 302 of the principal Act,-

(a) for sub-section (3), the following sub-section shall be substituted, namely:-

"(3) The Tribunal shall, within a period of thirty days from the date of the order,-

(a) forward a copy of the order to the Registrar who shall record in the register relating to the company a minute of the dissolution of the company; and

(b) direct the Company Liquidator to forward a copy of the order to the Registrar who shall record in the register relating to the company a minute of the dissolution of the company.";

(b) sub-section (4) shall be omitted