Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002)
Chapter-V Offences and Penalties.
Section 28: Penalties for non-compliance of direction of Reserve Bank.
28. 1[***]
Reference
1. Omitted by Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, (w.e.f. 18.01.2017 vide N. No. S.O. 176(E) dated 18.01.2017). Prior to omission, section stood as:
“28. Penalties for non-compliance of direction of Reserve Bank.—If any securitisation company or reconstruction company fails to comply with any direction issued by the Reserve Bank *[under section 12 or section 12A], such company and every officer of the company who is in default, shall be punishable with fine which may extend to five lakh rupees and in the case of a continuing offence, with an additional fine which may extend to ten thousand rupees for every day during which the default continues.”
*Substituted by Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, for the words and figures “under section 12“.
Access complete Bare Act here. To research Section and sub-section wise judgments, visit here.
Follow for daily updates: