Penalty for neglecting to comply with provisions of section 5 or for making false statement in memorandum

15. Any person who -

1. (a) omits or neglects to deliver or send the memorandum as required by section 5; or
2. (b) makes any statement in the memorandum which is false in any material particular, and which he knows or has reason to believe to be false, shall, on conviction, be punished with fine which may extend to one thousand rupees.