In section 447 of the principal Act,—

(i)

after the words "guilty of fraud ", the words "involving an amount of at least ten lakh rupees or one per cent. of the turnover of the company, whichever is lower " shall be inserted;

(ii)

after the proviso, the following proviso shall be inserted, namely:-

"Provided further that where the fraud involves an amount less than ten lakh rupees or one per cent. of the turnover of the company, whichever is lower, and does not involve public interest, any person guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine which may extend to twenty lakh rupees or with both."