(4)If default is made in complying with this section, every officer of the company who is in default shall be punishable with fine which may extend to [five thousand rupees] [Substituted by Act 53 of 2000, Section 31, for " five hundred rupees" (w.e.f. 13.12.2000). ] for every day during which the default continues:[Provided that in case of contravention of the proviso to clause (a) of sub-section (1), every such officer, and every promoter of the company who is guilty of the contravention shall be punishable with fine which may extend to [fifty thousand rupees] [Substituted by Act 31 of 1965, Section 11, for the proviso (w.e.f. 15.10.1965). ].]
