Amendment status not verified — confirm the current text below against the official source.
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] [and in the case of a continuing default, with a further fine which may extend to [two thousand five hundred rupees] for every day after the first during which such default continues.]