Life Insurance Corporation Act : Penalty for withholding property, etc. Indian Bare Acts :

Life Insurance Corporation Act,1956

Act No : 31

Section : Penalty for withholding property, etc.

40. Penalty for withholding property, etc. If any person wilfully withholds or fails to deliver to the Corporation as required by section 13, any property or any books, documents or other papers which may be in his possession or unlawfully retains possession of any property of an insurer which has been transferred to and vested in the Corporation under this Act or wilfully applies any such property to purposes other than those expressed in or authorized by this Act, he shall, on the complaint of the Corporation, be punishable with imprisonment which may extend to one year, or with fine which may extend to one thousand rupees, or with both.