452. Punishment for wrongful withholding of property
(1) If any officer or employee of a company—
(a) wrongfully obtains possession of any property, including cash of the
company; or
(b) having any such property including cash in his possession, wrongfully
withholds it or knowingly applies it for the purposes other than those expressed or
directed in the articles and authorised by this Act,
he shall, on the complaint of the company or of any member or creditor or contributory
thereof, be punishable with fine which shall not be less than one lakh rupees but which may
extend to five lakh rupees.
(2) The Court trying an offence under sub-section (1) may also order such officer or
employee to deliver up or refund, within a time to be fixed by it, any such property or cash
wrongfully obtained or wrongfully withheld or knowingly misapplied, the benefits that have
been derived from such property or cash or in default, to undergo imprisonment for a term
which may extend to two years.