If default is made in complying with the provisions of ¹[section 372 [excluding sub-sections (6) and (7)] or section 373], every officer of the company who is in default shall be punishable with fine which may extend to ²[fifty thousand rupees].

1. Subs. by Act 65 of 1960, sec. 140, for "section 372 or 373" (w.e.f. 28-12-1960).

2. Substituted by Act 53 of 2000, sec. 167, for "five thousand rupees" (w.e.f. 13-12-2000)