(2)If any report is circulated or advertised in contravention of sub-section (1), the company, and every officer of the company who is in default, shall be punishable, in respect of each offence, with fine which may extend to [five thousand rupees].[Prohibition of simultaneous appointment of different, categories of managerial personnel [Inserted by Act 65 of 1960, Section 55 (w.e.f. 28.12.1960). ]
