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PUNISHMENT FOR WRONGFUL WITHHOLDING OF PROPERTY [SECTION 452]
If any officer or employee of a company –
(a) wrongfully obtains possession of any property, including cash of the company; or
(b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the purpose other than those expressed or directed int he articles and authorised by this Act,
he shall be punishable with fine which shall not be less be less than one lakh rupees but which may extend to five lakh rupees.
The complaint, under this Section may be filed by the company or any member or any creditor or contributory of the company.
The court, under this Section, may also order the officer or employee to deliver up or refund within a time fixed by it, any such property or cash. In case of his default to deliver up or refund, he may undergo imprisonment for a term which may extend to two years.
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