(1)

(a) It shall be an offence if a committee fails to comply with the provisions of any of the clauses (a) to (g) of Section 115-F.

(b) It shall be an offence if a committee fails to ensure that information under clause (a) of Section 115-F.

(c) It shall be an offence if a committee fails to ensure that a report under clause (g) of Section 115-F is true.

(2)

Where an offence under this section has been committed by a committee of a bank, very person who, at the time the offence was committed, was a member of such committee, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly :

Provided that nothing contained in this sub-section shall render any such person liable to any punishment as provided in this section if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.

(3)

Every committee member who is deemed to be guilty of an offence under subsection (1), read with sub-section (2) shall, on conviction, be punished,-

(a) If it is an offence under clause (a) of sub-section (1) for failure to comply with the provisions of-

(b) If it is an offence under clause (b) of sub-section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both.

(c) If it is an offence under clause (c) of Section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both.

(4)

Whoever after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (a) of Section 115-F is again convicted thereunder shall, on every such conviction, be punished with fine which may extend to fifty thousand rupees.

(5)

Whoever, after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (c) of Section 115-F continues to commit such offence shall be punished for each day after the first, during which he continues so to offend, with fine which may extend to one thousand rupees.

(6)

No Court inferior to that of the Metropolitan Magistrate or the Magistrate of the First Class shall try any offence under this section.

(7)

Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974) it shall be lawful for the Metropolitan Magistrate or the Magistrate of the First Class to pass a sentence of imprisonment or a fine on any person in excess of his powers under Section 29 of that Code.

(8)

No prosecution under this section shall be lodged except with the previous sanction of the Registrar.