(1A)[If a company fails to comply with the provisions of sub-section (1), the company and every officer of the company who is in default, shall be punishable with fine which may extend to [five hundred rupees] [ Inserted by Act 31 of 1988, Section 53 (w.e.f. 1.12.1988).] [for every day during which the default continues:Provided that in any proceedings against a person in respect of an offence under this sub-section, it shall be a defence to prove that all reasonable efforts to comply with the provisions of sub-section (1) were taken or that the financial position of the company was such that it was beyond its capacity to engage a whole-time secretary.] [Inserted by Act 41 of 1974, Section 30 (w.e.f. 1.2.1975). ]
