(a)refuses, neglects or fails to comply with the provisions of this Act, or the orders and directions issued thereunder or obstructs any proceedings taken under this Act ; or
(b)refuses, neglects or fails to furnish any reports, statements, accounts or other information called for under this Act, such member or other person shall be punishable with imprisonment which may extend to one year or with fine or with both.
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Section 1 · Short title and extent.Section 2 · Definitions.Section 3 · Submission of inventory of property.Section 4 · Prevention of Dissipation.Section 5 · Previous approval necessary for transfer of property.Section 6 · Powers of Director.Section 8 · Protection of action taken under this Act.India Code, Government of India. Text fetched 19 Oct 2026. Source metadata reports last modification: 2025-04-24. Check the linked official text and subsequent notifications when applying a provision.