Punishment for contravention

159.Penalty for default of certain Provision

If any individual or directordirector of a companycompany makes any default in complying with any of the provisions of section 152section 152, section 155section 155 and section 156section 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.

If any individual or director of a company, contravenes any of the provisions of section 152section 152, section 155section 155 and section 156section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.