The Ministry of Corporate Affairs has notified section 52 and 66 of the company’s amendment act 2020 to be effective from 11th February 2021.
Under section 52 of the amendment act, a new Chapter XXIA relating to Producer Companies has been inserted on similar lines as provided in the Companies Act, 1956.
Under section 66 of the principal Act, sub-section (11) shall be omitted which deals with reduction of share capital in which, if a company fails to comply with the provisions of sub-section 4, it shall be punishable with fine which shall be not less than 5 lakh rupees but which may extend to 25 lakhs rupees.
