Banking Regulation Act, 1949
45J. Special provisions for punishing offences in relation to banking companies being wound up
(1) The High Court may, if it thinks fit, take cognizance of and try in a summary way any offence alleged to have been committed by any person who has taken part in the promotion or formation of the banking company which is being wound up or by any Director, Manager or Officer thereof.
PROVIDED that the offence is one punishable under this Act or under the [Companies Act, 1956 (1 of 1956)1.
(2) When trying any such offence as aforesaid, the High Court may also try any other offence not referred to in sub-section (1) which is an offence with which the accused may, under the 235[Code of Criminal Procedure, 1973 (2 of 1974)], be charged, at the same trial.
(3) In any case tried summarily under sub-section (1), the High Court-
(a) need not be summon any witness, if it is satisfied that the evidence of such witness will not be material;
(b) shall not be bound to adjourn a trial for any purpose unless such adjournment is, in the opinion of the High Court, necessary in the interests of justice;
(c) shall, before passing any sentence, record judgment embodying the substance of the evidence and also the particulars specified in section 263 of the 235[Code of Criminal Procedure, 1973 (2 of 1974)], so far as that section may be applicable, and nothing contained in sub-section (2) of section 62 of the 2[Code of Criminal Procedure, 1973], shall apply to any such trial.
(4) All offences in relation to winding up alleged to have been committed by any person specified in sub-section (1) which are punishable under this Act or under the 242[Companies Act, 1956 (1 of 1956)], and which are not tried in a summary way under sub-section (1) shall, notwithstanding anything to the contrary contained in that Act or the 235[Code of Criminal Procedure, 1973 (2 of 1974)], or in any other law for the time being in force, be taken cognizance of and tried by a Judge of the High Court other than the Judge for the time being dealing with the proceedings for the winding up of the banking company.
(5) Notwithstanding anything to the contrary contained in the 235[Code of Criminal Procedure, 1973 (2 of 1973)], the High Court may take cognizance of any offence under this section, without the accused being committed to it for trial [* * *].