1[159. Penalty for default of certain provisions.-- If any individual or director of a company makes any default in complying with any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues.]

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Footnote -

1. Subs. by s. 25, ibid., for section 159 (w.e.f. 2-11-2018).