Amendment status not verified — confirm the current text below against the official source.
Ins. by Act 23 of 1997, s. 10 (w.e.f. 9-1-1997). 60 five years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. (4AA) If any auditor fails to comply with any direction given or order made by the Bank under section 45MA, he shall be punishable with fine which may extend to five thousand rupees. (4AAA) Whoever fails to comply with any order made by the Company Law Board under sub-section (2) of section 45QA, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to a fine of not less than rupees fifty for every day during which such non-compliance continues.] (5) If any person 1[other than an auditor]— (a) receives any deposit in contravention of any direction given or order made under Chapter IIIB; or 1[(aa) fails to comply with any direction given or order made by the Bank under any of the provisions of Chapter IIIB; or] (b) issues any prospectus or advertisement otherwise than in accordance with section 45NA or any order made under section 45], as the case may be, he shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine which may extend,— (i) in the case of a contravention falling under clause (a), to twice the amount of the deposit received; and (ii) in the case of a contravention falling under clause (b), to twice the amount of the deposit called for by the prospectus or advertisement. 2 [(5A) If any person contravenes any provision of section 45S, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to twice the amount of deposit received by such person in contravention of that section, or two thousand rupees, whichever is more, or with both: Provided that in the absence of special and adequate reasons to the contrary to be mentioned in the judgment of the court, the imprisonment shall not be less than one year and the fine shall not be less than one thousand rupees. (5B) Notwithstanding anything contained in section 29 of the Code of Criminal Procedure, 1973 (2 of 1974), it shall be lawful for Metropolitan Magistrate or a Judicial Magistrate of the first class to impose a sentence of the fine in excess of the limit specified in that section on any person convicted under sub-section (5A).] (6) If any other provision of this Act is contravened of if any default is made in complying with any other requirement of this Act or of any order, regulation or direction made or given or condition imposed thereunder, any person guilty of such contravention or default shall be punishable with fine which may extend to two thousand rupees and where a contravention or default is a continuing one, with further fine which may extend to one hundred rupees for every day, after the first, during which the contravention or default continues.