(1) If any person wilfully withholds or fails to deliver to the Government as required by section 8 any documents which may be in his possession or wrongfully obtains possession of any property of the company which has vested in the Government under this Act, or having any such property in his possession wrongfully withholds it from the Government, or wilfully applies to purposes other than those expressed in or authorised by this Act, he shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees, or with both and in the cases of a continuing offence with additional fine which may extend to five hundred rupees for every day after the first during which the offence continues and may be ordered by the court trying the offence to deliver up or refund within the time to be fixed by the court any such document or property improperly obtained or wrongfully withheld or wilfully misapplied, and in default, to suffer imprisonment for a further period which may extend to one year.
(2) Whoever fails without reasonable cause, to comply with any of the provisions of this Act or the rules made thereunder, or any direction or order issued in pursuance thereof shall, if the case be not governed by sub-section (1), be punishable with fine which may extend to five thousand rupees and in the case of a continuing offence with additional fine which may extend to five hundred rupees for every day after the first during which the offence continues.
(3) No court shall take cognizance of any offence punishable under this section except with the previous sanction of the Government or of an officer authorised by it in this behalf.