Punishment for personation of shareholder [Section 57]
If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any such share warrant or coupon, or receives or attempts to receive any money due to any such owner, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
Simply, any person, who deceitfully represent himself as holder of any security or interest in a company shall be punishable with imprisonment and with fine. Yes, minimum fine is one lakh rupees.
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