Any person who holds office, or acts, as a Director of more than [fifteen companies] in contravention of the foregoing provisions shall be punishable with fine which may extend to [fifty thousand rupees] [ Substituted by Act 53 of 2000, Section 136, for " five thousand rupees" (w.e.f. 13.12.2000).] in respect of each of those companies after the first twenty.Retiring age of Directors
