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 Bank
under section 12, 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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