Punishment for personation of shareholder
📚 Law Minded summary
Pretending to be the owner of someone else's shares in order to get them transferred, or to collect money due on them, is a criminal offence.
It carries imprisonment of at least one year and up to three, and a fine between one lakh and five lakh rupees.
If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any such share warrant or coupon, or receives or attempts to receive any money due to any such owner, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.