TMI BlogResolutions and agreements to be filedX X X X Extracts X X X X X X X X Extracts X X X X ..... n (3) shall be embodied in or annexed to every copy of the articles issued after passing of the resolution or making of the agreement. 12 [ (2) If any company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified therein, such company shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of two lakh rupees and every officer of the company who is in default including liquidator of the company, if any, shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct or obtain copies of such resolutions; 8 [***]] 13 [ Provided further that nothing contained in this clause shall apply in respect of a resolution passed to grant loans, or give guarantee or provide security in respect of loans under clause (f) of sub-section (3) of section 179 in the ordinary course of its business by,- (a) a banking company; (b) any class of non-banking financial company registered under Chapter IIIB of the Reserve Bank of India Act, 1934 (2 of 1934), as may be prescribed in consultation with the Reserve Bank of India; (c) any class of housing finance company registered under the National Housing Bank Act, 1987 (53 of 1987), as may be prescribed in consultation with the National Housing Bank; and ] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01-2018 w.e.f. 07 th May, 2018 10. As Amended vide Insolvency and Bankruptcy Code, 2016, ELEVENTH SCHEDULE, before it was read, section 304 11. Substituted vide THE COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 02-11-2018 before it was read as (2) If a company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified 4 [therein], the company shall be punishable with fine which shall 5 [not be less than one lakh rupees] but which may extend to twenty-five lakh rupees and every officer of the company who is in default, including liquidator of the company, if any, shall be punishable with fine which shall not be less than 6 [fifty thousand rupees] but which may extend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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