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 property forming part of any undertaking of the Company or willfully 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 undertakings 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, registers or other documents in his possession, custody or control, relating to the undertakings of the Company or any share held by the Company in any specified company; or
(c) wrongfully recovers or destroys any property forming part of any undertaking of the Company 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.
(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 property forming part of any undertaking of the Company or willfully 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 undertakings 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, registers or other documents in his possession, custody or control, relating to the undertakings of the Company or any share held by the Company in any specified company; or
(c) wrongfully recovers or destroys any property forming part of any undertaking of the Company 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.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Transfer to, and vesting in, the Central Government of the undertakings of the Company.Section 4 · Transfer and vesting of shares held by the Company in the specified companies.Section 5 · General effect of vesting.Section 6 · Central Government or the Government company not to liable for certain prior liabilities.Section 7 · Power of Central Government to direct vesting of the undertakings of the Company in a Government c ompany.Section 8 · Payment of amounts to the Company and specified companies.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.