(4)Where any prospectus or statement in lieu of prospectus filed under this section includes any untrue statement, any person who authorised the filing of such prospectus or statement shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to [fifty thousand rupees] [ Substituted by Act 53 of 2000, Section 13, for " five hundred rupees" and " five thousand rupees" , respectively (w.e.f. 13.12.2000).], or with both, unless he proves either that the statement was immaterial or that he had reasonable ground to believe, and did up to the time of the filing of the prospectus or statement believe, that the statement was true.
