(10)Where shares in any company are issued in contravention of such of the restrictions as may be applicable to the case under sub-section (2), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [fifty thousand rupees] [Substituted by Act 65 of 1960, Section 80, for Section 250 (w.e.f. 28.12.1960). ].
