Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act : PENALTIES

Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980

Act No : 67

Section : PENALTIES

SECTION 25: PENALTIES

Any person who-

(a) having in his possession, custody or control any property forming part of any undertaking of the Company, or any share held by the Company in any specified company wrongfully withholds such property or share from the Central Government or Government company: or

(b) wrongfully obtains possession of. or retains any properly forming part of any undertaking of the Company or wilfully withholds or fails to furnish to the Central Government or Government company or any person specified by that Government or Government company, any document relating to such undertaking or share which may be in his possession, custody or control or fails to deliver to the Central Government or Government company or any person specified by that Government or Government company, any assets, books of account, register or other documents in his possession, custody or control, relating to the undertaking of the Company or any share held by the Company in any specified company: or

(c) wrongfully recovers or destroys any property forming pan of any undertaking of the Company or prefers and 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.