(1) Where the share capital of a company is altered in any manner specified in section 61, the company shall file notice of such alteration with the Registrar in such form and manner as may be prescribed, within a period of thirty days of such alteration along with an altered memorandum.

(2) Any alteration in the share capital of a company shall not take effect until notice is filed in accordance with sub-section (1).

(3) If a company and any officer of the company who is in default contravenes the provisions of this section, such company and officer 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.