Section 446B Lesser penalties for certain companies
- Chapter
- XXVIII · Special Courts
- Amendments
- 1
- Last changed
- 22 January 2021
Substituted by Companies (Amendment) Act, 2020, s. 62, with effect from 22 January 2021. Earlier read: "section 446B"446B. Lesser penalties for certain companies.—
Substituted by Companies (Amendment) Act, 2020, s. 62, with effect from 22 January 2021. Earlier read: "section 446B"Notwithstanding anything contained in this Act, if penalty is payable for non-compliance of any of the provisions of this Act by a One Person Company, small company, start-up company or Producer Company, or by any of its officer in default, or any other person in respect of such company, then such company, its officer in default or any other person, as the case may be, shall be liable to a penalty which shall not be more than one-half of the penalty specified in such provisions subject to a maximum of two lakh rupees in case of a company and one lakh rupees in case of an officer who is in default or any other person, as the case may be.
Substituted by Companies (Amendment) Act, 2020, s. 62, with effect from 22 January 2021. Earlier read: "section 446B"Explanation.—For the purposes of this section,—
Substituted by Companies (Amendment) Act, 2020, s. 62, with effect from 22 January 2021. Earlier read: "section 446B"(a) “Producer Company” means a company as defined in clause (l) of section 378A;
Substituted by Companies (Amendment) Act, 2020, s. 62, with effect from 22 January 2021. Earlier read: "section 446B"(b) “start-up company” means a private company incorporated under this Act or under the Companies Act, 1956 (1 of 1956) and recognised as start-up in accordance with the notification issued by the Central Government in the Department for Promotion of Industry and Internal Trade.