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 creditors; or
(b) in sending under section 24, the particulars of the modification referred to in that section; or
(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 continues.
Section 28 - Penalties for non-compliance of direction of Reserve Bank
If any securitisation company or reconstruction company fails to comply with any direction issued by the Reserve Bank1[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.
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1. Substituted for "under Section 12" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.
Section 29 - Offences
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.
Section 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.