Section 65 - Amendment of section 454 - The Companies (Amendment) Act, 2020

Amendment of section 454. 65 . In section 454 of the principal Act, in sub-section (3), the following proviso shall be inserted, namely:- Provided that in case the default relates to non-compliance of sub-section (4) of section 92 or sub-section (1) or sub-section (2) of section 137 and such default has been rectified either prior to, or within thirty days of, the issue of the notice by the adjudicating officer, no penalty shall be imposed in this regard and all proceedings under this section in respect of such default shall be deemed to be concluded. .