Explanation:

If a company makes any default in complying with the provisions of section 68, then the punishment shall be as follows:

Company Fine not less than Rupees One Lakh but which may extend to Rupees Three Lakh.

Every officer Imprisonment for a term which may extend to three years or with fine which shall not be less than Rupees One Lakh, but which may extend to Rupees Three Lakh, or with both.