(1)Where a company having a share capital whether its shares have or have not been converted into stock, has increased its share capital beyond the registered capital, and where a company not having a share capital has increased the number of its members beyond the registered number, it shall file with the registrar, in the case of an increase of shore capital, within fifteen days after the passing, or in the case of a special resolution the confirmation, of the resolution authorising the increase, and in the case of an increase of members within fifteen days after the increase was resolved on or took place, notice of the increase of capital or members, and the registrar shall record the increase.If a company makes a default in complying with the requirements of this section, it shall be I .able to a fine not exceeding fifty rupees for every during which the default continues, and every officer of the company who knowingly and willfully authories or permits the default shall be liable to the like penalty.
