(10)On the making of an order by the [Tribunal] [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).] [under sub-section (9),-(a)the company shall be liable to a fine which may extend to [fifty thousand rupees];(b)[ every officer of the company who is in default shall be liable to a fine of [one lakh rupees] [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).];[and [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).](c)the appointment of the Managing or whole-time Director or manager, as the case may be, shall be deemed to have come to an end and the person so appointed shall, in addition to being liable to pay a fine of [one lakh rupees],[refund to the company the entire amount of salaries, commissions and perquisites received or enjoyed by him between the date of his appointment and the passing of such order. [Substituted by Act 31 of 1988, Section 46, for Section 269 (w.e.f. 15.6.1988).]
