(2)(a)Every body corporate which makes any transfer of shares without giving any intimation as required by section 108-B shall be punishable with fine which may extend to [fifty thousand rupees] [Substituted by Act 53 of 2000, Section 44, for " five thousand rupees" (w.e.f. 13.12.2000). ].(b)Where any contravention of the provisions of section 108-B has been made by a company, every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which may extend to [fifty thousand rupees] [Substituted by Act 53 of 2000, Section 44, for " five thousand rupees" (w.e.f. 13.12.2000). ], or with both.
