enalty for contravention of section 22 or section 23 or section 24or section 27. 46. Penalty for contravention of section 22 or section 23 or section 24 or section 27.If any person contravenes the provisions of 3 * * * section 27, he shall be punishable 4[ with section imprisonment for a term which may extend to five years, or] with fine which may extend to rupees one lakh 4[or with both] and where the offence is a continuing one, with a further fine which may extend to one thousand rupees for every day, after the first, during which such contravention continues. 47. 5 * * * * * *
Penalty for failure to register agreements.
48. Penalty for failure to register agreements. (1) If any person fails, without any reasonable excuse, to register an agreement which is subject to registration under this Act, he shall be punishable 6[with imprisonment for a term which may extend to three years, or] with fine which may to extend to five thousand rupees, 7[or with both] and where the offence is a continuing one, with a further fine which may extend to five hundred rupees for every day, after the first, during which such failure continues. ----------------------------------------------------------------------- 1 Subs. by Act 30 to 1984, s.35 (w.e.f. 1-8-1984) 2 Omitted by Act 58 of 1991, s. 17 (w.e.f. 27-9-1991) 3 Omitted by s. 18, ibid. (w.e.f. 27.9.1991) 4 Ins. by s. 37, 30 of 1984 (w.e.f. 1-8-1984) 5 Omitted by s. 19, 58 of 1991 (w.e.f. 27-9-1991) 6 Ins by Act 30 of 1984, s. 39 (w.e.f. 1-8-1984) 7 Ins by s. 39 ibid (w.e.f. 1-8-1984) ----------------------------------------------------------------------- 45
(2) 1 * * * * * 2[48A. Penalty for contravention of order made under section 27B or for possession of property sold to any person under section 27B. Any person or body corporate who or which (a) being required by any order of the Central Government ref-
erred to in sub-section (1) of section 27B to effect disinvestment of any shares or sale of the whole or any part of, any undertaking or undertakings by any method referred to in that sub-section, omits or fails to do so; or (b) having in his possession, custody or control any property or assets or any part thereof which have been sold to any person in pursuance of 'an order of the Central Government referred to in sub-
section (1) of section 27B (hereinafter in this section referred to as the "purchaser"), wrongfully withholds such property, assets or part thereof from the purchaser; or (c) wrongfully obtains possession of any property, assets or any part thereof or retains any property, assets or any part thereof, which have been sold in pursuance of an order of the Central
Government referred to in sub-section (1) of section 27B; or (d) withholds or fails to furnish to the purchaser, any document in his possession, custody or control relating, to the property, or any part or assets thereof, which have been sold in pursuance of an
order of, the Central Government referred to in sub-section (1) of section 27B; or (e) fails to deliver to the purchaser the property, or any part or assets thereof which have been sold in pursuance of an order of
the Central Government referred to in sub-section (1) of section 27B, or any books of account, registers and other documents in his possession, custody or control relating to such property, or any part or assets thereof; or (f) wrongfully removes or destroys any property or assets which have been sold in pursuance of an order of the Central Government
referred to in sub-section (1) of section 27B; or (g) prefers any claim, in relation to the property, or any part or assets thereof which have been sold in pursuance of an order of the
Central Government referred to in sub-section (1) of section 27B, 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 and I also with fine which may extend to ten thousand' rupees. Penalty for contravention of section 27B.
3[48B. Penalty for contravention of section 27B. (1) Every person who exercises any voting right, in respect of any share in contravention of any order of the Central Government referred to in
sub-section (1) of section 27B shall be punishable with imprisonment for a term which may extend to five years, and shall also be liable to fine.
(2) If any company gives effect to any voting or other right exercised in relation to any share held in contravention of an order
of the Central Government referred to in sub-section (1) of section 27B, the company shall be punishable with fine which may extend to five thousand rupees, and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years; or with fine which may extend to five thousand rupees, or with both." 48C Penalty for contravention of order made by Commission relating to unfair trade practices. If any person contravenes any order made by the Commission under section 36D he shall be punishable with imprisonment for a term 4[which shall not be less than six months but which may extend to Three years and with fine which may extend to ten lakh rupees: Provided that the court may, for reasons to be recorded in Writing, impose a sentence of imprisonment for a term lesser than the minimum term specified in this section.]
Penalty for offenses in relation to furnishing of information. 49. Penalty for offences in relation to furnishing of
information. (1) If any person fails, without any reasonable excuse required under section 43 or to comply any notice duly given to him under section 42 he shall be punishable with imprisonment for a term which may extend to three months, or with fine which may extend to two thousand rupees, or with both, and where the offence is a continuing one, with a further fine which may extend to one hundred rupees for every day, after the first, during which such failure continues.
(2) If any person, who furnishes or is required to furnish any particulars, documents or any information-- (a) makes any statement or furnishes any document which he knows or has reason to believe to be false in any material particular; or (b) omits to state any material fact knowing it to be material; or (c) wilfully alters, suppresses or destroys any document which is required to be furnished as aforesaid. he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to five thousand rupees, or with both.
Penalty for offences in relation to orders under the Act. 6[50. Penalty for offences in relation to orders under the Act.
(1)A person, who is deemed under section 13 to be guilty of an offence under this Act, shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to fifty thousand rupees, or with both, and where the offence is a continuing one, with a further fine which may extend to five thousand rupees for (every day, after the first, during which such contravention continues.
(2)if any person contravenes, without any reasonable excuse, any order made by the Central Government under section 31 or any order made by the Commission under section 37, he shall be punishable with imprisonment for a term which shall not be less than, (a) in the case of the first offence, six months but not more than three years, and (b)in the case of any second or subsequent offence in relation to the goods or services in respect of which the first offence was committed, two years but not more than seven years, and, in either case, where the contravention is a continuing one, also with fine which may extend to five thousand rupees for every day, after the first, during which such contravention continues: Provided that the court may, for reasons to be recorded in writing, impose a sentence of imprisonment for a term lesser than the minimum term specified in this sub-section.] ------------------------------------------------------------------------ 1. Omitted by Act 58 of 1991 S. 20 (w.e.f. 27-9-1991) 2 Ins. by s. 40, 30 of 1984, (w.e.f. 1-8-1984) 3 Subs by Act, 58 of 1991 s. 21 (w.e.f. 27-9-1991) 4 Subs by s. 22, ibid (w.e.f. 27-9-1991) 5 Subs. by s. 41, ibid (w.e.f. 1-8-1984) 6 Subs by Act, 58 of 1991, s. 23 (w.e.f. 27-9-1991) ------------------------------------------------------------------------- 46
1[(3) If any person carries on any trade practice which is prohibited by this Act, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to five thousand rupees, or with both, and where the offence is a continuing one, with a further fine which may extend to five hundred rupees for every day, after the first, during which such contravention continues.]
Penalty for offences in relation to re-sale price maintenance. 51.Penalty for offences in relation to re-sale price maintenance.If any person contravenes the provisions of section 39 or section 40, he shall be punishable with imprisonment for a term which may extend to three months, or with fine which may extend to five thousand rupees, or with both.
Penalty for wrongfull disclosure of information. 52. Penalty for wrongfull disclosure of information. If any person discloses an information in contravention of section 60, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to five hundred rupees, or with both. 2[52A. Penalty for contravention of any condition or restriction, etc. If any person contravenes, without any reasonable excuse, any condition or restriction subject to which any approval sanction, direction or exemption in relation any to matter has been accorded, given, made or granted under this Act, he shall be punishable with fine which may extend to one thousand rupees, and where the contravention is a continuing one, with a further fine which may extend to one hundred rupees for every day, after the first, during which such contravention continues. 52B Penalty for making false statement in application, returns, etc. If in any application, return, report certificate, balance sheet, prospectus, statement or other document made, submitted, furnished or produced for the purpose of any provision of the Act, any person makes a statement,- (a) which is false in any material particular, knowing it to be false, or (b) which omits to state any material fact, knowing it to be material. he shall be punishable with imprisonment for a term which may extend to two years and shall also be liable to fine.]
Offences by companies. 53. Offences by companies. (1) Where an offence under this Acthas been committed by a company, every person who, at the time theoffence was committed, was in charge