Penalties

If any person:

(a) makes any claim for any payment under this Act knowing or having reason to believe that such claim is false or without any basis;

(b) when required under this Act so to do:

(i) omits or fails to produce any register or record of the Company; or

(ii) makes any statement or furnishes any information which is false in any material particular and which he knows or believes to be false or does not believe to be true; or

(c) makes any such statement as aforesaid in any book, account, record, register, return or other documents, he shall be punishable with imprisonment for a term, which may extend to two years, or with fine which may extend to Rs. 2,000 or with both.