Section 18(a) in The Companies (Amendment) Act, 2020
(a)for sub-section (5), the following sub-section shall be substituted, namely:—"(5) If any person fails to make a declaration as required under sub-section (1) or sub-section (2) or sub-section (3), he shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with a further penalty of two hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees.";
