(1) If any person,—
(a) when required by this Ordinance or by any order made unier this Ordinance to make any statement or furnish any information, makes any statement or furnishes any information which is false in any material particular and which he knows or believes to be false or does not believe to be true; or
(b) makes any such statement as aforesaid in any book, account, record, return or other document which he is required by any order made under this Ordinance to submit, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both.
(2) Any person, who—
(a) having in his possession, custody or control any property forming part of the assets of the company, wrongfully withholds such property from the Board of Control, or Penalty for false statements.
i28 THE GAZETTE OF INDIA EXTRAORDINARY [PART l l
(b) wrongfully obtains possession of any property forming part of the assets of the company, or
(c) wilfully withholds or fails to produce to any person authorised under this Ordinance, any register, record or other document which may be in his possession, custody or control, or
(d) fails, without any reasonable cause, to submit any accounts, books or other documents, when required to do so, shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both.
Limitation on prosecu tion.
14. No court shall take cognizance of an offence punishable under this Ordinance except with the previous sanction of the Central Government or of an officer authorised by that Government in this behalf.
Protection of action taken under Ordinance.
15. No suit, prosecution or other legal proceedings shall lie against the Central Government or the Board of Control or any member thereof or any other person (including the managing agent) for anything which is in good faith done or intended to be done under this Ordinance.
Overriding effect of Ordinance.
16. The provisions of this Ordinance or any order or rule made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any law other than this Ordinance or any instrument having effect by virtue of any law other than this Ordinance.
Payment of remuneration and expenses out of the funds of company.
17. All salaries, allowances and other remuneration paid to the Chairman and other members of the Board of Control, the managing agent or any other person who may be appointed or employed in connection with the affairs of the management of the company and all other expenses duly incurred in connection with such management shall be paid out of the funds of the company.
Power of Central Government to give directions.
18. Notwithstanding anything contained in the foregoing provisions of this Ordinance the Central Government may give such directions to the Board of Control as that Government may deem fit for the proper management of the undertaking of the company and the Board of Control shall comply with such directions.
Power to make rules.