Section 62, The Companies (Amendment) Act, 2014

The Companies Act, 2009 is amended by inserting thefollowing new section immediately after section 531– “531A. All default fines levied by the Commission under the Companies Act 2009 shall be payable to the Commission within 30 days of it being levied. (2) A Company that fails to comply with subsection (1) shall incur the following additional penalties– 22 23 Insertion of new section. 474 of Act 2009. 492 of Act 2009. Insertion of new section. Penalties. Fines How late penalties are paid Penalty –Private Public Company Company Not more than one month Default fine x 2 Default fine x 3 More than one month but Default fine x 3 Default fine x 4 not more than three months More than three months but Default fine x 4 Default fine x 5 not more than six months More than six months Default fine x 5 Default fine X 6