142. PENALTIES

(1) If default is made in filing with the Registrar for registration the particulars -

(a) of any charge created by the company ;

(b) of the payment or satisfaction of a debt in respect of which a charge has been registered under this Part ; or

(c) of the issues of debentures of a series ;

requiring registration with the Registrar under the provisions of this Part, then unless the registration has been effected on the application of some other person, the company, and every officer of the company or other person who is in default, shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues.

(2) Subject as aforesaid, if any company makes default in complying with any of the other requirements of this Act as to the registration with the Registrar of any charge created by the company or of any fact connected therewith, the company, and every officer of the company who is in default, shall, without prejudice to any other liability, be punishable with fine which may extend to ten thousand rupees.