51. Notice to registration of consolidation of share capital, conversion of shares, into stock, etc.
(1)Where a company having a share capital has consolidated and divided its share capital into shares of larger amount than its existing shares or converted any of its shares into stock, or re-converted stock into shares, it shall within fifteen days of the consolidation and division, conversion or re- conversions, file notice with the registrar of the same, specifying the share consolidated and divided, or converted, or the stock re-converted.(2)If a company makes default in complying with the requirements of this section, it shall be liable to a fine not exceeding fifty rupees for every day during which the default continues, and every officer of the company who knowingly and willfully authorises or permits the default shall be liable to the like penalty.
