68. Where any officer of the corporate debtor has,-
(i) within the twelve months immediately preceding the insolvency
commencement date,-
(a) wilfully concealed any property or part of such property of the
corporate debtor or concealed any debt due to, or from, the corporate
debtor, of the value of ten thousand rupees or more; or
(b) fraudulently removed any part of the property of the corporate debtor of
the value of ten thousand rupees or more; or
(c) wilfully concealed, destroyed, mutilated or falsified any book or paper
affecting or relating to the property of the corporate debtor or its
affairs, or
(d) wilfully made any false entry in any book or paper affecting or relating
to the property of the corporate debtor or its affairs; or
(e) fraudulently parted with, altered or made any omission in any document
affecting or relating to the property of the corporate debtor or its
affairs; or
(f) wilfully created any security interest over, transferred or disposed of
any property of the corporate debtor which has been obtained on credit and
has not been paid for unless such creation , transfer or disposal was in the
ordinary course of the business of the corporate debtor; or
(g) wilfully concealed the knowledge of the doing by others of any of the
acts mentioned in clauses (c), (d) or clause (e); or
(ii) at any time after the insolvency commencement date, committed any of
the acts mentioned in sub-clause (a) to (f) of clause (i) or has the
knowledge of the doing by others of any of the things mentioned in
sub-clauses (c) to (e) of clause (i) ; or
(iii) at any time after the insolvency commencement date, taken in pawn or
pledge, or otherwise received the property knowing it to be so secured,
transferred or disposed, such officer shall be punishable with imprisonment
for a term which shall not be less than three years but which may extend to
five years, or with fine, which shall not be less than one lakh rupees, but
may extend to one crore rupees, or with both:
Provided that nothing in this section shall render a person liable to any
punishment under this section if he proves that he had no intent to defraud
or to conceal the state of affairs of the corporate debtor.