5[Failure to comply with the provisions of sub-sections (1) and (3) of section 178.
276A. If a person 6[***]—
(i) fails to give the notice in accordance with
sub-section (1) of section 178; or
(ii) fails to set aside the amount as required by
sub-section (3) of that section; or
(iii) parts with any of the assets of the company
or the properties in his hands in contravention of the provisions of the
aforesaid sub-section,
he shall be punishable with rigorous imprisonment for a
term which may extend to two years :
Provided that in the absence
of special and adequate reasons to the contrary to be recorded in the judgment
of the court, such imprisonment shall not be for less than six months.]