Where a company accepts or invites or authorises any person or persons to accept or invite on its behalf any deposit in contravention of the provisions of section 73 or section 76 or rules made thereunder, or if a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in sub-section (1) of section 74 or such further time as may be allowed by the Tribunal under sub-section (2) of section 74,—

1. the company shall, in addition to the repayment of deposits or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees; and
2. every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, or with both.