(3)If, by reason of the failure of the requisite proportion of any class of members to agree, it is not found possible to comply with the provisions of sub-section (1), the company shall, within one month of the expiry of the period of one year mentioned in that sub-section, apply to the Court for an order specifying the manner in which the provisions of that sub-section shall be complied with; and any order made by the Court in this behalf shall bind the company and all its shareholders.If default is made in complying with this sub-section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [ten thousand rupees] [ Substituted by Act 53 of 2000, Section 40, for " one thousand rupees" (w.e.f. 13.12.2000).].
