168. Penalty for default in complying with section 166 or 167.

If default is made in holding a meeting of the company in accordance with section 166, or in complying with any directions of the ¹[Tribunal or the Central Government, as the case may be] under sub-section (1) of section 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to ²[fifty thousand rupees] ³ [and in the case of a continuing default, with a further fine which may extend to ⁴[two thousand five hundred rupees] for every day after the first during which such default continues].