¹[48B. Penalty for contravention of section 27b.

(1) Every person who exercises any voting right, in respect of any share in contravention of any order of the Central Government referred to in sub-section (1) of section 27B shall be punishable with imprisonment for a term which may extend to five years, and shall also be liable to fine.

(2) If any company gives effect to any voting or other right exercised in relation to any share held in contravention of an order or the Central Government referred to in sub-section (1) of section 27B, the company shall be Punishable with fine which may extend to five thousand rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to five thousand rupees, or with both.]

Note:

1. Substituted by Act No. 58 of 1991, w.e.f. 27th. September, 1991.