law: Life Insurance Corporation Act, 1956 
  40. Penalty for
  
  withholding property, etc.- 
  If any person
  
  wilfully withholds or fails to deliver to the Corporation as required by
  
  section 13, any 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 wilfully applies any such property to purpose other than those expressed
  
  in or authorised by this Act, he shall, on the complaint of the Corporation, be
  
  punishable with imprisonment which may extent to one year, or with fine which
  
  may extend to one thousand rupees, or with both.