A board resolution designating one director as “officer in default” was also taken on record. Pursuant to the notice, the company and the officers in default have submitted their replies. Accordingly, the company and the officers in default have prayed for benefit of Section 446B of the Act. It is also directed that the penalty so imposed upon the officers in default shall be paid from their personal sources/income. For penal consequences of non-payment of penalty within the prescribed time limit, please refer Section 454(8) of the Companies Act, 2013.