(5)If any person, being a Director of a company, fails to take all reasonable steps to comply with the provisions of sub-sections (1) to (3), or being the Chairman, signs the Board's report otherwise than in conformity with the provisions of sub-section (4), he shall, in respect of each offence, be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [twenty thousand rupees] [ Substituted by Act 53 of 2000, Section 101, for " two thousand rupees" (w.e.f. 13.12.2000).], or with both:Provided that no person shall be sentenced to imprisonment for any such offence unless it was committed wilfully:Provided further that in any proceedings against a person in respect of an offence under sub-section (1), it shall be a defence to prove, [* * *] [ The words " that he had reasonable ground to believ, and did believe," omitted by Act 65 of 1960, Section 65 (w.e.f. 28.12.1960).] that a competent and reliable person was charged with the duty of seeing that the provisions of that sub-section were complied with and was in a position to discharge that duty.
