(3)If default is made in complying with the requirements of sub-section (2), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [five hundred rupees] [ Substituted by Act 53 of 2000, Section 66, for " fifty rupees" (w.e.f. 13.12.2000).] for every day during which the default continues.
