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].
1. Subs. by Act 11 of 2003, sec. 23, for "Central Government".
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