Section 446B: Lesser penalties for certain companies
This section reduces the penalty for non-compliance with the Act for certain types of companies, including One Person Companies, small companies, start-up companies, and Producer Companies, to a maximum of half of the specified penalty or two lakh rupees for the company and one lakh rupees for an officer or other person.
Penalty
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.
The section, clause by clause
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Ins. by Act 1 of 2018, s. 91 (w.e.f. 9-2-2018).
- 2. Subs. by Act 29 of 2020, s. 62, for section 446B (w.e.f. 22-1-2021).
- 1. Ins. by Act 1 of 2018, s. 92 (w.e.f. 9-2-2018).
- 2. The proviso ins. by s. 92, ibid. (w.e.f. 9-2-2018).
- 3. Subs. by Act 22 of 2019, s. 41, for “twenty lakh rupees” (w.e.f. 2-11-2018).
This section refers to
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.