(5)If a company makes default in complying with sub-section (2), the company and every officer of the company who is in default, shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues.[* * *] [Sub-Sections (6) and (7) omitted by Act 31 of 1988, Section 7 (w.e.f. 15.6.1988). ]
