Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in Chapter II, any Financial Establishment which,- (i) defaults in repayment of di;lposit on maturity along with any benefit in the form of interest bonlis, profit or in any other form as promised; or (ii) fails to render service as assured, again$t the deposit; or (iii) is found indulging in a fraudulent act during business operation, every person including the promoter partner, director, manager or any other person or an employee responsible for the management or conduct of the business or affairs of such Financial Establishment or any person abetting the commission of such acts by the Financial Establishment s.tiall, on conviction, be punished with imprisonment for a term which may extend to ten years and with fine which may extend to five lakh rupees and such Financial Establishment shall also be liable for a fine which may extend to 5 lakh rupees : Provided that in the absence of special and adequate reasons recorded in the judgment of the Court, the imprisonment shall not be for less than 5 years and the fine shall not be less than two lakh of rupees . . Explanation' I. For the purposes of this section, a Financial Establishment shall be deemed to have committed a default fraudulently or failed to render-specific service fraudulently, if it,- • . ...y· / J THE ASSAM GAZETTE, EXTRAORDINARY, MAY 14, 2013 1101 Insertion of new section 5A "Mandatory disclosure and punislunent for non-compliance