The Companies (Amendment)
Ordinance, 2018 which has been signed by President of India on 2 November 2018
has reclassified certain offense from
Fine to Penalty under Companies Act 2013.
Thus, Registrar of Companies (ROC)
and Regional Director (RD) can now levy
penalties directly after issuing Show Cause Notice (SCN) , instead of
going to judiciary for imposing fines or for following procedure for
composition of offenses.
Even though , President has given his approval for the above ordinance , it is yet to be notified.
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Description
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Section
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PENALTY
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Prohibition of Issue of
shares at a discount
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53(3)
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Company and any officer in default being liable to a
penalty
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Notice to be given to
Registrar for alteration of
share capital
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64(2)
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The company and any officer in default being liable
to a penalty, instead of being punishable with fine
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Annual Return
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92(5)
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1.The company being liable to a penalty, instead of
being punishable with fine;
2. Every officer in default being liable to a
penalty.
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Statement to be
annexed to Notice
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102(5)
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Every promoter, director, manager or other key
managerial personnel who is in default being liable to a penalty.
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Proxies
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105
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Every officer in default being liable to a penalty.
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Resolutions and
Agreements to be filed
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117(2)
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The company and every officer in default including
liquidator of a company, if any, being liable to a penalty.
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Report on
annual general
meeting
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121(3)
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The company and every officer in default being
liable to a penalty.
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Copy of financial statement
to be filed with Registrar
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137(3)
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(i)
1.The company being liable to a penalty, instead of
being punishable with fine; and
(ii) The managing director and the Chief Financial
Officer of the company, if any, and, in the absence of the managing director
and the Chief Financial Officer, any other director who is charged by the
board of directors with the responsibility of complying with the provisions
of Section 137, and, in the absence of any such director, all the directors
of the company, being liable to a penalty.
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Removal, resignation of
auditor and giving of special
notice
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140(3)
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The auditor being liable to a penalty.
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Company to
inform
Director
Identification
Number to Registrar
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157(2)
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The company and every officer in default being
liable to a penalty.
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Punishment for Contravention
– in respect
of DIN
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159
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Non-compliance with Section 152 (Appointment of
directors), Section 155 (Prohibition to obtain more than one Director
Identification Number) and Section 156 (Director to intimate Director
Identification Number) shall result in any individual or director of a
company in default being liable to a penalty.
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Number of Directorships
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165(6)
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If a person accepts appointment as a director in
contravention of sub-section (1) of Section 165 such person shall be liable
to a penalty.
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Payment to Director for
Loss of Office
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191(5)
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Director of the company being liable to a penalty.
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Overall maximum managerial
remuneration and managerial
remuneration in case of absence
or inadequacy of profits
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197(15)
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Any person in default being liable to a penalty.
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Appointment of Key Managerial
Personnel
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203(5)
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The company, every director and key managerial
personnel of the company who is in default being liable to a penalty,
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Registration of the offer of scheme
involving transfer of shares
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238(3)
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The director being liable to a penalty, in
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