Government amends National Financial Reporting Authority (NFRA) Rules, 2018
- Blog|News|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 20 June, 2022
Latest from Taxmann
Notification No. G.S.R. 456(E) dated 17-06-2022
The Government has notified the National Financial Reporting Authority Amendment Rules, 2022. As per the amended rules, in case of contravention of any of the provisions of the rules, a maximum fine of Rs. 5,000 will be levied, and where the contravention is a continuing one, a further fine not exceeding Rs. 500 for every day after the first during which the contravention continues will be levied.
Prior to the amendment the general penalty as mentioned in section 450 of the Companies Act, 2013 used to be levied.
The penalty mentioned in Section 450 of the Companies Act, 2013 is as follows:
The company and every officer of the company who is in default or such other person shall be liable to a penalty of Rs. 10,000 and in case of continuing contravention, with a further penalty of Rs. 1,000 for each day after the first during which the contravention continues, subject to a maximum of Rs. 2,00,000 in case of a company and Rs. 50,000 in case of an officer who is in default or any other person.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
