Lawgist27Penalties
Any person who,--
(a) having in his possession, custody or control any property forming part of any undertaking of either of the two companies, wrongfully withholds such property from the Central Government or the Government company concerned; or
(b) wrongfully obtains possession of or retains, any property forming part of any undertaking of either of the two companies; or
(c) wilfully withholds or fails to furnish to the Central Government or the Government company concerned or any person or body of persons specified by that Government or such Government company, any document relating to such undertaking, which may be in his possession, custody or control; or
(d) fails to deliver to the Central Government or the Government company concerned or any person or body of persons specified by that Government or Government company, any assets, books of account, registers or other documents in his possession, custody or control, relating to the undertakings of either of the two companies; or
(e) wrongfully removes or destroys any property forming part of any undertaking of either of the two companies or prefers any claim which he knows or has reason to believe to be false or grossly inaccurate,
shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.
Download our fully-offline, High speed android app.- Click here
- 25 Act to have overriding effect
- 26 Contracts to cease to have effect unless ratified by the Central Government or Government companies
- 27 Penalties
- 28 Offences by companies
- 29 Protection of action taken in good faith
- 30 Delegation of powers
- 31 Power to make rules
- 32 Power to remove difficulties
- 33 Repeal and saving
