Limitation of time for issue of certificate.

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....authority, shall, within three months after the allotment of any of its shares, debentures or debenture stock, and within two months after the application^[2] for the registration of the transfer of any such shares, debentures or debenture stock, deliver, in accordance with the procedure laid down in section 53, the certificates of all shares, debentures and certificates of debenture stocks allott....

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.... and every officer of the company who is in default, shall be punishable with fine which may extend to ^[4][five thousand rupees] for every day during which the default continues^.[5]      (3) If any company on which a notice has been served requiring it to make good any default in complying with the provisions of sub-section (1), fails to make good the default within ten da....

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....------------------------------------- Noted:- [1] Substituted by the Companies (Amendment) Act, 1988, section 17, w.e.f. 15-6-1988 for the words: "Every company shall, within three months after the allotment of any of its shares, debentures or debenture stock, and within two months after the application for the registration of the transfer of any such shares, debentures or debenture stock....