: (1) Knowingly or maliciously showing a false fact or misrepresenting the true facts in any statement, accounting report or any other document required to be kept, made or submitted in accordance with this Act or the rules made under this Act or the like. A person who engages in industry will be punished with imprisonment up to three years or a fine of up to three thousand rupees or both.
(2) If the director or any employee of the corporation knowingly or negligently or maliciously causes damage to the corporation by doing anything other than what is mentioned in sub-section (1), he shall be imprisoned for one year or fined up to one thousand rupees.
(3) If the director or any employee of the corporation obstructs the person appointed to investigate under section 22, or if such person fails to provide documents or information requested by law without any reasonable reason, or if he is negligent, he shall be fined up to one thousand rupees.
(4) If anyone uses the name of the institute in any prospectus or advertisement without taking the written approval of the institute, he shall be punished with imprisonment for a term which may extend to 6 months or with a fine which may extend to one thousand rupees or with both.
(5) If a person who is an immediate director or general manager violates section 16 and is a shareholder in a lease contract with the company and takes any benefit from that position without having to declare it in accordance with that section, he will be punished with imprisonment for up to 2 years or a fine of up to five thousand rupees or both.
(6) If there is any loss or damage to the institution as a result of the crime punishable under this section, the compensation for such loss and damage shall be recovered from the person who committed the crime.