Notice to be given to Registrar for alteration of share capital

(1) Where—

the company shall file a notice in the prescribed form with the Registrar within a period of thirty days of such alteration or increase or redemption, as the case may be, along with an altered memorandum.

[(2) Where any company fails to comply with the provisions of sub-section (1), such company and every officer who is in default shall be liable to a penalty of [five hundred rupees] for each day during which such default continues, [subject to a maximum of five lakh rupees in case of a company and one lakh rupees in case of an officer who is in default].]