(b)[ every officer of the company who is in default shall be liable to a fine of [one lakh rupees] [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).];[and [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).]