Section 12(1) in Compulsory Deposit Scheme Act, 1963
(1)If any person who is liable to make a deposit under this Act fails to make the same within the time specified therefor, he shall be liable to pay by way of penalty an amount not exceeding half the amount of deposit which he is liable to make:Provided that before levying any such penalty such person shall be given a reasonable opportunity of being heard in respect of the same.
