Failure to comply with the provisions of sub-sections (1) and (3) of section 218
233. (1) A person shall be punishable with rigorous imprisonment for a term which may extend to two years and with fine, if such person -
(a) fails to give the information as required by sub-section (1) of section 218;
(b) fails to set aside the amount as required by sub-section (3) of that section; or
(c) parts with any of the assets of the company, or the properties, in his custordy in contravention of the provisions of the aforesaid sub-section.
(2) The fine referred to in sub-section (1) shall not be less than fifty thousand rupees or more than five lakh rupees.
