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.]
