Penalty for falsification of books :
Section – 539. If with intent to defraud or deceive any person, any officer or contributory of a company which is being wound up—
(a ) destroys, mutilates, alters, falsifies or secrets, or is privy to the destruction, mutilation, alteration, falsification or secreting of, any books, papers or securities; or
(b ) makes, or is privy to the making of, any false or fraudulent entry in any register, book of account or document belonging to the company;
he shall be punishable with imprisonment for a term which may extend to seven years, and shall also be liable to fine.