Penalty for default in holding company meetings: company and officers face fines and additional daily continuing fines. A default in holding a meeting as required by section 166, or in complying with directions under section 167(1) by the Tribunal or the Central Government, renders the company and every officer in default punishable by an initial monetary fine and, in case of continuing default, an additional per day fine for each day after the first during which the default continues; the provision reflects amendments updating those fine amounts.