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Report No. 143

11. Penalty.-

If a company or any other person contravenes any provision of these rules for which no punishment is provided in the Act, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to five hundred rupees and where the contravention is a continuing one, with a further fine which may extend to fifty rupees for every day after the first, during which the contravention continues."

The time is now ripe to formulate the recommendations which we accordingly proceed to do in the next Chapter.

Legislative Safeguards for protecting the Small Depositors from Exploitation Back

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