Section 17 - Amendment of section 88 - The Companies (Amendment) Act, 2020

Amendment of section 88. 17 . In section 88 of the principal Act, for sub-section (5), the following sub-section shall be substituted, namely:- (5) If a company does not maintain a register of members or debenture-holders or other security holders or fails to maintain them in accordance with the provisions of sub-section (1) or sub-section (2), the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees. .