Sec279 - Penalty.
Any person who holds office, or acts, as a director of more than fifteen companies in contravention of the foregoing provisions shall be punishable with fine which may extend to fifty thousand rupees in respect of each of those companies after the first twenty.
** Section 280 repealed by theCompanies (Amendment) Act, 1965 (31 of 1965), section 36 w.e.f. 15th October,1965.
** Section 281 repealed bysection 37, ibid, with w.e.f. 15th October, 1965.
** Section 282 repealed bysection 38, ibid, with w.e.f. 15th October, 1965.