Companies Act Section 57 — Punishment for personation of shareholder
CHAPTER IV SHARE CAPITAL AND DEBENTURES
Commercial / Corporate
Summary
If a person deceitfully pretends to be the owner of any security or interest in a company, or of any share warrant or coupon issued under this Act, and because of that pretence obtains or tries to obtain that security, interest, share warrant, or coupon, or receives or tries to receive any money that is due to the real owner, that person is committing an offence.
The punishment for this offence is imprisonment for a term of at least one year, which can be extended up to three years, along with a fine of at least one lakh rupees, which can be extended up to five lakh rupees.
Official Text
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.