(4)Where default is made in complying with any of the requirements of this section, 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 53 of 2000, Section 175, for " five thousand rupees" (w.e.f. 13.12.2000).]; and for the purpose of this sub-section any Liquidator of the company and any trustee of a deed for securing the issue of debentures of the company shall be deemed to be an officer of the company:Provided that a person shall not be punishable under this sub-section if he shows that the default was due to the refusal of any other person, being a Director, Managing Director, [* * *] [[ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000.] Section 85 (w.e.f. 13.12.2000).]] manager or trustee for debenture holders, to supply the necessary particulars as to his material interests.
