(1) Any person who—
- makes or abets making of an application in a fictitious name to a company for acquiring or subscribing for, its securities; or
- makes or abets making of multiple applications to a company in different names or in different combinations of his name or surname for acquiring or subscribing for its securities; or
- otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or to any other person in a fictitious name,
shall be punishable with imprisonment for a term which shall not be less than six months but which may extend to ten years and shall also be liable to fine which shall not be less than the amount involved in the fraud but which may extend to three times the amount involved in the fraud.
(2) Where a person has been convicted under sub-section (1), the court may also order disgorgement of such person of the gains or profits made as a result of the personation.