168. Penalty for default in complying with section 166 or 167.-
If default is made in holding a meeting of the company in accordance with section 166, or in complying with any directions of the [Tribunal or the Central Government, as the case may be] under sub-section (1) of section 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [fifty thousand rupees] [ Substituted by Act 53 of 2000, Section 73, for " five thousand rupees" (w.e.f. 13.12.2000).][and in the case of a continuing default, with a further fine which may extend to [two thousand five hundred rupees] [ Inserted by Act 65 of 1960, Section 44 (w.e.f. 28.12.1960).][for every day after the first during which such default continues.] [ Inserted by Act 65 of 1960, Section 44 (w.e.f. 28.12.1960).]
