(4)[ All moneys received from applicants for shares shall be deposited and kept deposited in a Scheduled Bank-(a)until the certificate to commence business is obtained under section 149, or(b)where such certificate has already been obtained, until the entire amount payable on applications for shares in respect of the minimum subscription has been received by the company, and where such amount has not been received by the company within the time on the expiry of which the moneys received from the applicants for shares are required to be repaid without interest under sub-section (5), all moneys received from applicants for shares shall be returned in accordance with the provisions of that sub-section.In the event of any contravention of the provisions of this sub-section, every promoter, Director or other person who is knowingly responsible for such contravention shall be punishable with fine which may extend to [fifty thousand rupees]].
