(1) If a person who is required to keep an account book or to submit a report in accordance with this Act or the rules made under this Act, knowingly or defamedly suppresses the truth and presents false information in such an account book or report or any other document, or makes a false difference or such If he engages in the business of talking, such a person 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 company knowingly or negligently or maliciously causes damage to the company 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 any person obstructs the work of the inspector appointed under section 29 or the committee constituted, or fails to provide any document or information requested without reasonable excuse, or neglects to deliver, he shall be fined up to one thousand rupees.
(4) If anyone uses the name of the Institute in any prospectus or advertisement without obtaining the written approval of the Institute, he shall be punished with imprisonment for a term which may extend to six months or with a fine which may extend to one thousand rupees or with both.
(5) If a person who is the immediate director or general manager violates section 18 and becomes a shareholder in a written contract with the company without having to declare it in accordance with that section, he shall be punished with imprisonment for a term of up to two years or a fine of up to five thousand rupees or both will be.
(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.