The Life Insurance Corporation Act,1956
40. Penalty for withholding property, etc.-
If any person willfully withholds for fails to deliver to the Corporation as required by Section 13, and property or any books, documents or other papers which may be in his possession or unlawfully retains possession of any property of an insurer which has been transferred to and vested in the Corporation under this Act or willfully applies any such property to purposes other than those expressed in or authorised by this Act, he shall, on the compliant of the Corporation, be punishable with imprisonment which may extend to one year, or with fine which may extend to one thousand rupees, or with both.
The Life Insurance Corporation Act, 1956
