108-I. Penalty for
acquisition or transfer of share in contravention of sections
108A to 108D.—(1) Any person who acquires any
share in contravention of the provisions of section 108A shall
be punishable with imprisonment for a term which may extend
to three years, or with fine which may extend to fifty thousand
rupees, or with both.
(2) (a) Every body corporate which makes any transfer of
shares without giving any intimation as required by section
108B, shall be punishable with fine which may extend to fifty
thousand rupees.
(b) Where any contravention of the provisions of section
108B has been made by a company, every officer of the company
who is in default shall be punishable with imprisonment for
a term which may extend to three years, or with fine which
may extend to fifty thousand rupees, or with both.
(3) (a) Every body corporate which makes any transfer of shares
in contravention of the provisions of section 108C, shall
be punishable with fine which may extend to fifty thousand
rupees.
(b) Where any contravention of the provisions of section
108C has been made by a company, every officer of the company
who is in default shall be punishable with imprisonment for
a term which may extend to three years, or with fine which
may extend to fifty thousand rupees, or with both.
(4) (a) Every person who transfers any share in contravention
of any order made by the Central Government under section
108B, or gives effect to any transfer of shares made in contravention
of any direction made by the Central Government under section
108D, or who exercises any voting right in respect of any
share in contravention of any direction made by the Central
Government under section 108D, shall be punishable with imprisonment
for a term which may extend to five years and shall also be
liable to fine.
(b) If any company gives effect to any voting or other rights
exercised in relation to any share acquired in contravention
of the provisions of section 108B, or which gives effect to
any voting right in contravention of any direction made by
the Central Government under section 108D, the company shall
be punishable with fine which may extend to fifty thousand
rupees, and every officer of the company who is in default
shall be punishable with imprisonment for a term which may
extend to three years, or with fine which may extend to fifty
thousand rupees, or with both.
|
