Any person who holds office, or acts, as a director of more than 1[fifteen companies] in contravention of the foregoing provisions shall be punishable with fine which may extend to 2[fifty thousand rupees] in respect or each of those companies after the first twenty.1. Subs. by Act 53 of 2000, sec. 136, for "twenty companies" (w.e.f. 13-12-2000).
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