(3)Any Director of a company making a declaration under this section without having reasonable grounds for the opinion that the company will be able to pay its debts in full within the period specified in the declaration, shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [fifty thousand rupees] [ Substituted by Act 53 of 2000, Section 193, for " five thousand rupees" (w.e.f. 13.12.2000).], or with both.
