Credit Information Companies (Regulation) Act, 2005 Section 12 - Bare Act

(1)Notwithstanding anything to the contrary contained in section 235 of theCompanies Act, 1956, the Reserve Bank, at any time, may and on being directed soto do by the Central Government shall, cause an inspection to be made, by one ormore of its officers or through such other persons or agency as the Reserve Bankmay determine, of any credit information company or credit institution orspecified user and their books and accounts; and the Reserve Bank shall supplyto the credit information company or credit institution or specified user, asthe case may be, a copy of its report on such inspection.

(2)It shall be the duty of every director or other officer or employee of thecredit information company, credit institution and specified user to produce toany officer or person or agency, as the case may be, making an inspection undersub-section (1) all such books, accounts and other documents in his custody orpower and to furnish him with any statement and information relating to theaffairs of such credit information company, credit institution and specifieduser, as the said officer or person or agency may require of him within suchtime as the said officer or person or agency may specify.

(3)Any officer of the Reserve Bank or person or an agency making aninspection under sub-section (1) may examine on oath any director or otherofficer or employee of the credit information company, credit institution andspecified user, in relation to their business, and may administer an oathaccordingly.

(4)The expenses of, or incidental to, the inspection under sub-section (1)by any person or an agency referred to in sub-section (1) shall be borne by theconcerned credit information company or credit institution or specified user, asthe case may be.