Write notes on the following: Punishment/penalty for : Improper use of "Limited" or "Private Limited"

Punishment/penalty for Improper use of "Limited" or "Private Limited": According to Section 453 of the Companies Act, 2013 , 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 imitation 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, punishable with fine which shall not be less than ₹ 500 but may extend to ₹ 2,000 for every day for which that name or title has been used.