AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Report No. 29

Section 229

Crime infringing discipline in investments and finance

(1) Loss of liberty not exceeding one year shall be inflicted on a person who infringes or evades a duty or prohibition defined in the statutory provisions on the credit system, money circulation and on investment and renewals by--

(a) granting directly or indirectly an unauthorized credit or making use of such credit,

(b) using for another purpose a credit granted for a definite purpose or the funds granted for a definite investment or renewal,

(c) realizing an investment without permission, an investment or renewal with funds from a not permitted source or a renewal with funds to be used for another purpose,

(d) diverting totally or partly the cover of the credit, preventing enforcement of the securities of the credit (lien, mortgage, statutory priority to satisfaction, assignment, suretyship, etc.) or frustrating in another way satisfaction of the creditor from the cover,

(e) arranging that wages be paid not to the debit of the wage fund, or that some other payment than wages be made to the debit of the wage fund.

(2) Punishment shall be loss of liberty not exceeding three years, it interests involved in the order of investments and money economy were gravely prejudiced by the crime.

Section 230

Putting into circulation an industrial product of bad quality

(1) A worker in a managerial position or responsible for quality control of an industrial or commercial enterprise or co-operative, who acts in such a manner that an industrial product of bad quality be put into circulation as a good quality product or does not prevent the putting into circulation of such product in this manner, though obliged so to do by his sphere of activity, shall be punished with loss of liberty not exceeding one year, if no graver crime was committed.

(2) Punishment shall be loss of liberty not exceeding three years, if the crime was committed in respect of a considerable quantity of industrial products or industrial products of considerable value.

(3) Punishment shall be loss of liberty ranging from six months to five years, if the interests of people's economy were gravely prejudiced by the crime.

(4) Whoever commits such a crime by negligence, shall be punished in the case defined in para. (2) with loss of liberty or correctional-educational work not exceeding one year and in the case defined in para. (3) with loss of liberty not exceeding three years.



Proposal to include certain Social and Economic Offences in the Indian Penal Code Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys