Lawgist32Penalties
Any person who,--
(a) having in his possession, custody or control any property forming part of a sick textile undertaking wrongfully withholds such property from the Central Government or the National Textile Corporation, or any person authorised by that Government or Corporation, as the case may be, in this behalf, or
(b) wrongfully obtains possession of, or retains, any property forming part of the sick textile undertaking or wilfully withholds or fails to furnish to the Central Government, the National Textile Corporation or any person specified by that Government, or Corporation, as the case may be, any document relating to such sick textile undertaking which may be in his possession, custody or control or fails to deliver to the National Textile Corporation or any person specified by that Corporation any assets, books of account, registers or other documents in his custody relating to the sick textile undertaking, or
(c) wrongfully removes or destroys and property forming part of any sick textile undertaking or prefers any claim under this Act which he knows or has reasonable cause 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
- 27 Assumption of liability
- 28 Management to continue to vest in the Custodian until alternative arrangements are made
- 29 Act to override all other enactments
- 30 Contracts to cease to have effect unless ratified by National Textile Corporation
- 31 Transfer of assets, etc., to be void in certain cases
- 32 Penalties
- 33 Offences by companies
- 34 Protection of action taken in good faith
- 35 Textile companies not to be wound up by the court
- 36 Delegation of powers
- 37 Power to make rules
- 38 Power to remove difficulties
- 39 Declaration as to the policy of the State
- 40 Repeal and savings
- 41 Validation
