631. Penalty for improper use of words “Limited” and “Private Limited”.—If any person or persons trade or carry on business under any name or title of which the word “Limited” or the words “Private Limited”, or any contraction or limitation thereof, is or are the last word or words, that person or each of those persons shall, unless, duly incorporated with limited liability, or unless duly incorporated as a private company with limited liability, as the case may be, be punishable with fine which may extend to five hundred rupees for every day upon which that name or title has been used. | 