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Union of India - Section
Section 28 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
28.
[* * *] [Omitted by Act No. 44 of 2016.]| 28. Penalties for non-compliance of direction of Reserve Bank.- If any asset reconstruction company fails to comply with any direction issued by the Reserve Bank[under section 12 or section 12-A] [Substituted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 16, for "under section 12" (w.e.f. 11.11.2004).], 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. |