¹[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 referred to in sub-section (1) of section 27B to effect disinvestments 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 sole 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 or account, registers and other documents in his possession, custody or control relating to such property, or nay 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 also with fine which may extend to ten thousand rupees.

 Note:

1. Inserted by Act No. 30 of 1984, w.e.f. 1st. August, 1984.