In section 147 of the principal Act,—

(i)

in sub-section (2),—

(a) after the words "five lakh rupees ", the words "or four times the remuneration of the auditor, whichever is less " shall be inserted;

(b) in the proviso, for the words "and with fine which shall not be less than one lakh rupees but which may extend to twenty-five lakh rupees ", the words "and with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees or eight times the remuneration of the auditor, whichever is less " shall be substituted;

(ii)

in sub-section (3), in clause (ii), for the words "or to any other persons ", the words "or to members or creditors of the company " shall be substituted;

(iii)

in sub-section (5), the following proviso shall be inserted, namely:—

"Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable.".