Penalties

(1) Whoever, being required to furnish any information or make any statement under this Act, furnishes any information or makes any statement which he knows to be false, or whoever wilfully fails to hand over to the Government any fixed asset belonging to the undertaking or wilfully suppresses or destroys any document which is to be handed over to the Government under section 16, sub-section (4), shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to Rs. 20,000 or with both and in the case of a continuing offence with an additional fine which may extend to Rs. 500 for every day after the first during which the offence continues. (2) Whoever fails, without reasonable cause, to comply with any of the provisions of this Act or the rules made thereunder, or any directions or order issued in pursuance thereof, shall, if the case be not governed by sub-section (1), be punishable with fine which may extend to Rs. 20,000 and in the case of a continuing offence, with an additional fine which may extend to Rs. 500 rupees for every day after the first during which the offence continues. (3) Notwithstanding anything contained in section 32 of the Code of Criminal Procedure, 1898 (Central Act 5 of 1898), it shall be lawful for any Magistrate of the First Class specially empowered by the Government in this behalf to impose a sentence of fine exceeding Rs. 1,000 when awarding punishment under sub-section (1) or (2). (4) No Court shall take congnizance of an offence punishable under this section except with the previous sanction of the Government or of an officer authorised by them in this behalf.