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If any director or
officer of the insurer or any other person fails to deliver to the Administrator any books of account,
registers or any other documents, in his custody relating to the business of the insurer the management of
which has vested in the Administrator, or retains any property of such insurer he shall be 1[liable to
penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh,
whichever is less].]
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1. Subs. by s. 63, ibid., for "punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both" (w.e.f. 26-12-2014).