Companies Act, 1956

Sec 168    -     Penalty for default in complying with section 166 or 167.

If default is made in holding a meeting of the company in accordance with section 166, or in complying with any directions of  the Central Government 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.