Section 446B: Lesser penalties for One Person Companies or small companies.

Notwithstanding anything contained in this Act, if a One Person Company or a small company fails to comply with the provisions of sub-section (5) of section 92, sub-section (2) of section 117 or sub-section (3) of section 137, such company and officer in default of such company shall be punishable with fine or liable to a penalty which shall not be more than one-half of the penalty specified in such sections.