Penalty for false statements :
Section – 628. If in any return, report, certificate, balance sheet, prospectus, statement or other document required by or for the purposes of any of the provisions of this Act, any person makes a statement—
(a ) which is false in any material particular, knowing it to be false; or
(b ) which omits any material fact, knowing it to be material;
he shall, save as otherwise expressly provided in this Act, be punishable with imprisonment for a term which may extend to two years, and shall also be liable to fine.