Section 40, 48, 56, 59, 62, 64 of Companies Amendment Act 2020

Amendment to Section 40

In section 40 of the principal Act, in sub-section (5),-

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

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

Amendment to Section 48 of Companies Act 2013

In section 48 of the principal Act, sub-section (5) shall be omitted.

Amendment to Section 56 of Companies Act 2013

In section 56 of the principal Act, for sub-section (6), the following sub-section shall be substituted, namely:-

"(6) Where any default is made in complying with the provisions of sub-sections (1) to (5), the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees."

Amendment to Section 59 of Companies Act 2013

In section 59 of the principal Act, sub-section (5) shall be omitted.

Amendment to Section 62 of Companies Act 2013

In section 62 of the principal Act, in sub-section (1), in clause (a), in sub-clause (i), after the words "less than fifteen days", the words "or such lesser number of days as may be prescribed" shall be inserted.

Amendment to Section 64 of Companies Act 2013

In section 64 of the principal Act, in sub-section (2),-

(a) for the words "one thousand rupees", the words "five hundred rupees" shall be substituted;

(b) for the words "or five lakh rupees whichever is less", the words "subject to
a maximum of five lakh rupees in case of a company and one lakh rupees in case of an officer who is in default" shall be substituted.