Wrongful withholding of company property: criminal penalties and court-ordered restitution with fine and possible imprisonment. Section 452 penalises an officer or employee who wrongfully obtains, withholds or knowingly misapplies company property or cash; on complaint by the company, member, creditor or contributory such person is liable to a fine not less than one lakh and up to five lakh rupees. The Court may order delivery or refund of the property or benefits derived therefrom within a fixed time and, on default, may impose imprisonment up to two years; a proviso precludes imprisonment for withholding a dwelling unit where the company has not paid specified welfare or compensation dues to that officer or employee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wrongful withholding of company property: criminal penalties and court-ordered restitution with fine and possible imprisonment.
Section 452 penalises an officer or employee who wrongfully obtains, withholds or knowingly misapplies company property or cash; on complaint by the company, member, creditor or contributory such person is liable to a fine not less than one lakh and up to five lakh rupees. The Court may order delivery or refund of the property or benefits derived therefrom within a fixed time and, on default, may impose imprisonment up to two years; a proviso precludes imprisonment for withholding a dwelling unit where the company has not paid specified welfare or compensation dues to that officer or employee.
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