Lawgist452Punishment for wrongful withholding of propert
(1) If any officer or employee of a company--
(a) wrongfully obtains possession of any property, including cash of the company; or
(b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the purposes other than those expressed or directed in the articles and authorised by this Act,
he shall, on the complaint of the company or of any member or creditor or contributory thereof, be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
(2) The Court trying an offence under sub-section (1) may also order such officer or employee to deliver up or refund, within a time to be fixed by it, any such property or cash wrongfully obtained or wrongfully withheld or knowingly misapplied, the benefits that have been derived from such property or cash or in default, to undergo imprisonment for a term which may extend to two years.
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- 447 Punishment for frau
- 448 Punishment for false statement
- 449 Punishment for false evidence
- 450 Punishment where no specific penalty or punishment is provided
- 451 Punishment in case of repeated defaul
- 452 Punishment for wrongful withholding of propert
- 453 Punishment for improper use of ―Limited‖ or ―Private Limited‖
- 454 Adjudication of penalties
- 455 Dormant company
- 456 Protection of action taken in good faith
- 457 Non-disclosure of information in certain cases
- 458 Delegation by Central Government of its powers and functions
- 459 Power of Central Government of Tribunal to accord approval, etc., subject to conditions and to prescribe fees on application
- 460 Condonation of delay in certain case
- 461 Annual report by Central Governmen
- 462 Power to exempt class or classes of companies from provisions of this Act
- 463 Power of court to grant relief in certain cases
- 464 Prohibition of association or partnership of persons exceeding certain number
- 465 Repeal of certain enactments and savings
- 466 Dissolution of Company Law Board and consequential provisions
- 467 Power of Central Government to amend Schedules
- 468 Power of Central Government to make rules relating to winding up
- 469 Power of Central Government to make rules
- 470 Power to remove difficulties
