Subs. by Act 29 of 2020, s. 16, for sub-section (1) (w.e.f. 21-12-2020). . Section 86 numbered as sub-section (1) thereof by Act 22 of 2019, s.12 (w.e.f. 2-11-2018). 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 five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees]. Ins. by s. 12, ibid. (w.e.f. 2-11-2018).