(11)If a company makes default in complying with the provisions of this section or any rules made thereunder, or any regulations made under clause (f) of sub-section (2), the company or any officer of the company who is in default shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to fifty thousand rupees, or with both.Explanation .-For the purposes of this section,-(a)"specified securities" includes employees' stock option or other securities as may be notified by the Central Government from time to time;(b)"free reserves" shall have the meaning assigned to it in clause (b) of Explanation to section 372-A.
