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Union of India - Section

Section 7 in The Companies (Amendment) Act, 2020

7. Amendment of section 40.

In section 40 of the principal Act, in sub-section (5),—
(a)the words "with imprisonment for a term which may extend to one year or" shall be omitted;
(b)for the words "three lakh rupees, or with both", the words "three lakh rupees" shall be substituted.