(1) Whoever-
(a) acts or holds himself out, as a licensed warehouseman without having obtained a licence under this Act, or
(b) knowingly contravenes or fails to comply with any of the provisions or requirements of this Act or the rules made thereunder shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to one thousand rupees or with both.
(2) Where a person committing an offence under sub-section (1) is a company or an association or a body of persons whether incorporated or not, the manager, secretary, agent or other principal officer, managing the affairs of such company, association or body shall be deemed to be guilty of such offence.
33. The prescribed authority would be entitled to forfeit the security of the warehouseman, in case the warehouseman fails to return the goods deposited within the reasonable time as provided under section 10 and 16 of the Act and the forfeited security may be used in full or part payment of the damages or losses incurred by the depositor on account of such failure of the warehouseman.