(12)If default is made in complying with any of the provisions of this section, 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 45, for " fifty rupees" (w.e.f. 13.12.2000).] for every day during which the default continues.
