222. Imposition of restrictions upon securities
(1) Where it appears to the Tribunal, in connection with any investigation under
section 216 or on a complaint made by any person in this behalf, that there is good reason to
find out the relevant facts about any securities issued or to be issued by a company and the
Tribunal is of the opinion that such facts cannot be found out unless certain restrictions, as
it may deem fit, are imposed, the Tribunal may, by order, direct that the securities shall be
subject to such restrictions as it may deem fit for such period not exceeding three years as
may be specified in the order.
(2) Where securities in any company are issued or transferred or acted upon in
contravention of an order of the Tribunal under sub-section (1), the company shall be
punishable with fine which shall not be less than one lakh rupees but which may extend to
twenty-five lakh rupees and every officer of the company who is in default shall be punishable
with imprisonment for a term which may extend to six months or with fine which shall not be
less than twenty-five thousand rupees but which may extend to five lakh rupees, or with
both.