Punishment for contravention.

(1) If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of Rs. 5,00,000 and every officer of the company who is in default shall be liable to a penalty of Rs. 50,000. (2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.