Section - 630 - Penalty for wrongful withholding of property
Penalty for wrongful withholding of property.630. (1) If any officer or employee of a company— (a) wrongfully obtains possession of any property of a company; or (b) having any such property in his possession, wrongfully withholds it or knowingly applies it to purposes other than those expressed or directed in the articles and authorised by this Act;he shall, on the complaint of the company or any creditor or contributory thereof, be punishable with fine which may extend to [ten] thousand rupees.(2) The Court trying the offence may also order such officer or employee to deliver up or refund, within a time to be fixed by the Court, any such property wrongfully obtained or wrongfully withheld or knowingly misapplied, or in default, to suffer imprisonment for a term which may extend to two years.
53. Substituted for "one" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000..... To read the full section download the app from Google Play store
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