OFFENCES AND PENALTIES
If a default is made--
(a) in filing
under section 23, the particulars of every transaction of any
securitisation or asset reconstruction or security interest created by a
securitisation company or reconstruction company or secured creditor; or
(b) in sending
under section 24, the particulars of the modification referred to in that
(c) in giving
intimation under section 25,
every company and every
officer of the company or the secured creditor and every officer of the
secured creditor who is in default shall be punishable with fine which may
extend to five thousand rupees for every day during which the default
Default in filing of
transactions of securitisation, reconstruction and creation of security
interest as required under s. 23 would attract punishment with fine
extending to five thousand rupees for every day during which the default
Every company and every
officer of the company or the secured creditor or every officer of the
secured creditor is punishable under s. 27 if the particulars of the
modification of security interest registered under the Act are found to be
not sent to the Central Registrar appointed under s. 21.
Sec. 25 requires
securitisation company or reconstruction company or secured creditor to
report satisfaction of the security interest, non-compliance whereof also
would invite application of s. 27.
28. Penalties for non-compliance of direction of Reserve
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.
Sec. 12 of the Act
invests powers with the Reserve Bank to determine the policy and issue
directions for the purposes mentioned therein. Failure to comply with
such policy determined or directions issued attracts penalty under s. 28.
If any person
contravenes or attempts to contravene or abets the contravention of the
provisions of this Act or of any rules made thereunder, he shall be
punishable with imprisonment for a term which may extend to one year, or
with fine, or with both.
An "attempt" ordinarily
means an intent combined with an act falling short of the thing intended.
It may be described as an endeavour to do an act, carried beyond mere
preparation, but short of execution.
In criminal law, an
intent to commit a crime coupled with an act taken toward committing the
offence. An effort or endeavour to accomplish a crime, amounting to more
than mere preparation or planning for it, which, if not prevented, would
have resulted in the full consummation of the act attempted, but which, in
fact, does not bring to pass the party's ultimate design. The requisite
elements of an "attempt" to commit a crime are: (1) an intent to commit
it, (2) an overt act toward its commission, (3) failure of consummation,
and (4) the apparent possibility of commission.
Sec. 511 of the Indian
Penal Code, providing for punishment for attempting to commit offences
punishable with imprisonment for life or other imprisonment says that
whoever attempts to commit an offence punishable by this Code with
imprisonment for life or imprisonment, or to cause such an offence to be
committed, and in such attempt does any act towards the commission of the
offence, shall, where no express provision is made by this Code for the
punishment of such attempt, be punished with imprisonment for any
description provided for the offence, for a term which may extend to
one-half of the imprisonment for life or, as the case may be, one half of
the longest term of imprisonment provided for that offence, or with such
fine as is provided for the offence, or with both.
(a) A makes an attempt
to steal some jewels by breaking open a box and finds, after so opening
the box, that there is no jewel in it. He has done an act towards the
commission of theft, and therefore is guilty under this section.
(b) A makes an attempt
to pick the pocket of Z by thrusting his hand into Z's pocket. A fails in
the attempt in consequence of Z's having nothing in his pocket. A is
guilty under this section.
Abetment is an act of
encouraging, inciting or aiding another. One can incite by any means of
language, direct or indirect, whether it takes the form of express
solicitation or insinuation.
To `instigate' another
person to commit a crime, to goad or urge forward or to provoke or
encourage the doing of an act. What acts would amount to instigation or
incitement will depend upon the particular facts of each case--State of
Bihar v. Ranen Nath Roy Chowdhary, AIR 1958 Pat. 259
Sec. 107 of the Indian
Penal Code says that a person abets the doing of a thing, who--
person to do that thing; or
one or more other person or persons in any conspiracy for the doing of
that thing, if an act or illegal omission takes place in pursuance of that
conspiracy, and in order to the doing of that thing; or
aids, by any act or illegal omission, the doing of the thing.
A person who, by wilful
misrepresentation, or by wilful concealment of a material fact which he is
bound to disclose, voluntarily causes of procures, or attempts to cause or
procure, a thing to be done, is said to instigate the doing of that thing
A, a public officer, is
authorized by a warrant from a Court of Justice to apprehend Z. B, knowing
that fact and also that C is not Z, wilfully represent to A that C is Z,
and thereby intentionally causes A to apprehend C. Here B abets by
instigation the apprehension of C.
Whoever, whether prior
to or at the time of the commission of an act, does anything in order to
facilitate the commission of that act, and hereby facilitate the
commission thereof, is said to aid the doing of that act Explanation 2.
30. Cognizance of offence
No court inferior to
that of a Metropolitan Magistrate or a Judicial Magistrate of the First
Class shall try an offence punishable under this Act.
The offence can be tried
in any Court not inferior to that of a Matropolitan Magistrate or Judicial