Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 45 J – The Banking Regulation Act,1949

The Banking Regulation Act,1949

Section 45J. Special provisions for punishing offences in relation to banking companies being wound up

(1) The High Court may, if it thinks fit, take cognizance of and try in a summary way and offence alleged to have been committed by any person who has taken part in the promotion or formation of the banking company which is being wound , up or by any director, manager or officer thereof:

Provided that the offence is one punished under this Act or under the 1[Companies Act,1956(1 of 1956)].

(2) When trying any such offence as aforesaid, the High Court may also try any other offence not referred to in sub-section (1) which is an offence with which the accused may, under the 2[Code of Criminal Procedure,1973 (2 of 1974)], be charged at the same trial.

(3) In any case tried summarily under sub-section (1), the High Court

(a) need not summon any witness, if it is satisfied that the evidence of such witness will not be material;

(b) shall not be bound to adjourn a trial for any purpose unless such adjournment is, in the opinion of the High Court, necessary in the interests of justice;

(c) shall, before passing any sentence, record judgment embodying the substance of the evidence and also the particulars specified in section 263 of the 2[Code of Criminal Procedure,1973 (2 of 1974)], so far as that section may be applicable,

and nothing contained in sub-section (2) of section 262 of the [Code of Criminal Procedure,1973 (2 of 1974)], shall apply to any such trial.

(4) All offences in relation to winding up alleged to have been committed by any person specified in sub-section (1) which are punishable under this Act or under the 1[Companies Act,1956(1 of 1956)], and which are not tried in a summary way under ‘ sub-section (1) shall, notwithstanding anything to the contrary in that Act or the 2[Code of Criminal Procedure,1973 (2 of 1974)], or in any other law for the time being in force, be taken cognizance of and tried by a Judge of the High Court other than the Judge for the time being dealing with the proceedings for the winding up of the banking company.

(5) Notwithstanding anything to the contrary contained in the 3[Code of Criminal Procedure,1973 (2 of 1974)], the High Court may take cognizance of any offence under this section, without the accused being committed to it for trial 4[***].

——————–

1. Substituted by Act 95 of 1956, Section 14 and Schedule, for “Indian Companies Act. 1913 (7 of 1913)” w.e.f. 14-1-1957.

2. Substituted by Act 1 of 1984, Section 35, for “Code of Criminal Procedure,1898 (5 of 1898)” w.e.f. 15-2-1984.

3. Substituted by Act 1 of 1984, Section 35, for “Code of Criminal Procedure,1898 (5 of 1898)” w.e.f. 15-2-1984.

4. Certain words omitted by Act 1 of 1984, Section 35 w.e.f. 15-2-1984.

Previous | Next

The Banking Regulation Act,1949

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2024 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation