Failure to comply with the provisions of sub-sections (1) and (3) of section 178

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....(ii) fails to set aside the amount as required by sub-section (3) of that section; or (iii) parts with any of the assets of the company or the properties in his hands in contravention of the provisions of the aforesaid sub-section, he shall be punishable with rigorous imprisonment for a term which may extend to two years : Provided that in the absence of special and adequate reasons....