(3)Where any business of a company is carried on with such intent or for such purpose as is mentioned in sub-section (1), every person who was knowingly a party to the carrying on of the business in the manner aforesaid, shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to [fifty thousand rupees] [ Substituted by Act 53 of 2000, Section 206, for " five thousand rupees" (w.e.f. 13.12.2000).], or with both.
