(3)If any default is made in complying with the provisions of this section,-(a)the company making such default shall be punishable with fine which may extend to [ten thousand rupees][for every day during which such default continues; and [ Inserted by Act 31 of 1988, Section 14 (w.e.f. 15.6.1988).](b)every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.]Further issue of capital
