Section 52F — Penalty for withholding documents or property from Administrator

If any director or officer of the insurer or any other person fails to deliver to the Administrator any books of account, registers or any other documents, in his custody relating to the business of the insurer the management of which has vested in the Administrator, or retains any property of such insurer he shall be 2[liable to penalty of rupees ten thousand each day during which such failure continues or rupees ten lakh, whichever is less].]