Failure to comply with the provisions of sub-sections (1) and (3) of section 223.
239. (1) If a person —
(a) fails to give the information as required by sub-section (1) of section 223;
(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 custody in contravention of the provisions of the said sub-section (3), he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to two years and with fine, which shall not be less than fifty thousand rupees, but which may extend to five lakh rupees.
(2) No person shall be punishable for any failure referred to in sub-section (1), if he proves that there was reasonable cause for such failure.
