Page 35 - Corporate_Professional_Today

SeCTion-WiSe AnAlySiS of The ComPAnieS (AmendmenT) ACT, 2017

117 Officer-in Failure to file resolution Fine not less than INR 1 Fine of not less than
default-(including or agreements under sec- Lakhs, which may extend INR 50,000 but which
liquidator) tion 117(1) upto INR 5 Lakhs. may extend upto INR
5 Lakhs
140 Statutory Auditor Not complying with Fine of INR 50,000 which Fine of INR 50,000 or
section 140(2) while may extend upto INR the remuneration of the
resigning. 5 Lakhs. auditor, whichever is less.
147 Auditor Contravention of pro- Fine not less than INR Fine of not less than
visions of sections 139, 25,000 which may extend INR 25,000 but which
143, 144 and 145 upto INR 5 Lakhs may extend upto INR
5 Lakhs or 4 time the
remuneration of auditor,
whichever is less.
147 Auditor Contravention is with the Imprisonment which may Imprisonment which may
intention to deceive the extend to 1 year and extend to 1 year and
company or its share- fine which shall not be fine which shall not be
holders or creditors or less than INR 1 Lakh less than INR 50,000
tax authorities but which may extend but which may extend
upto INR 25 Lakh. upto INR 25 Lakh or 8
times the remuneration
of auditor, whichever
is less.
147 Auditor In case of criminal lia- New insertion In respect of liability other
bility of an audit firm than fine, the concerned
partner or partners, who
acted in a fraudulent
manner or abetted or, as
the case may be, colluded
in any fraud shall only
be liable.
184 Director Contravention of 184(1) u Imprisonment upto 1 u Imprisonment upto 1
or (2) year year
u Fine of INR 5,000 which u Fine upto INR 1 lakh
may extend upto INR u both
1 lakh
u Both
447 Any person guilty Punishment for fraud u Imprisonment for a term u Imprisonment for a term
of such fraud which involves an amount which shall not be less which may extend to
less than ten lakh rupees than six months but five years
or one per cent. of the which may extend to u Fine which may extend
turnover of the company, ten years to twenty lakh rupees
whichever is lower, and u Fine which shall not be u or both.
does not involve public less than the amount
interest involved in the fraud,
but which may extend
447 Any person guilty In other cases to three times the u Imprisonment for a term
of such fraud amount involved in which shall not be less
the fraud. than six months but
which may extend to
ten years

142 January 20 To January 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 41 u 36