Penalty for acquisition or transfer of share in contravention of sections to :
Section -108-I. (1) Any person who acquires any share in contravention of the provisions of shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to[fifty] thousand rupees, or with both.
(2)(a) Every body corporate which makes any transfer of shares without giving any intimation as required by , shall be punishable with fine which may extend to [fifty] thousand rupees.
(b) Where any contravention of the provisions of has been made by a company, 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 [fifty] thousand rupees, or with both.
(3)(a) Every body corporate which makes any transfer of shares in contravention of the provisions of , shall be punishable with fine which may extend to [fifty] thousand rupees.
(b) Where any contravention of the provisions of has been made by a company, 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 [fifty] thousand rupees, or with both.
(4)(a) Every person who transfers any share in contravention of any order made by the Central Government under , or gives effect to any transfer of shares made in contravention of any direction made by the Central Government under , or who exercises any voting right in respect of any share in contravention of any direction made by the Central Government under , shall be punishable with imprisonment for a term which may extend to five years, and shall also be liable to fine.
(b) If any company gives effect to any voting or other right exercised in relation to any share acquired in contravention of the provisions of , or which gives effect to any voting right in contravention of any direction made by the Central Government under , the company shall be punishable with fine which may extend to [fifty] 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 [fifty] thousand rupees, or with both.]