Daily Email Newsletter (Sign-up Free)

Sec 30, SARFAESI Act 2002: Cognizance Of Offences

Section 30 (Cognizance of offences) under Chapter V (Offences and penalties) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

(1) No court shall take cognizance of any offence punishable under section 27 in relation to non-compliance with the provisions of section 23, section 24 or section 25 or under section 28 or section 29 or any other provisions of the Act, except upon a complaint in writing made by an officer of the Central Registry or an officer of the Reserve Bank, generally or specially authorised in writing in this behalf by the Central Registrar or, as the case may be, the Reserve Bank.

(2) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try any offence punishable under this Act.

Extra Notes for Readers

(1) Section 30 of SARFAESI Act, 2002 was substituted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 (Act 1 of 2013), sec. 10, (w.e.f. 15-Jan-2013).

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.