67. Penalty for withholding documents or property from administrators

If any director of an insurer fails to deliver to the administrator any book of account, register or any other document in his or her custody relating to the business of the insurer, the management of which has vested in the

Regulation of Insurance Industry administrator, or retains any property of such insurer, he or she shall be guilty of an offence and shall on conviction after summary trial before a Magistrate be liable to imprisonment of either description for a period not exceeding one year, or to a fine not exceeding fifty thousand rupees or to both such imprisonment and fine.