(1)If any person, being an undischarged insolvent,-(a)discharges any of the functions of a Director, or acts as or discharges any of the functions of the [* * *] manager, of any company; or(b)directly or indirectly takes part or is concerned in the promotion, formation or management of any company, he 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 88, for " five thousand rupees" (w.e.f. 13.12.2000).], or with both.
