Punishment for delaying etc. loan cases

Whoever being an officer having the authority to sanction, advance or to disburse any loan, advance or subsidy of the State Government or local authority or a public undertaking, intentionally, knowingly or for corrupt motive— (i) prepares false report or misrepresents any material fact, or (ii) takes inordinately more time than what is normally required over the preparation of the papers or processing of the case thereby delaying the sanction of loan or advance or subsidy; or delay or cause to be delayed the sanction or disbursement of loan, advance or subsidy to an extent which is oppressive having regard to the common course of business of the office of the State Government or local authority or a public undertaking, as the case may be, shall be punished with imprisonment of either description for a term which may extend to three years or with fine or both.