Banking Regulation Act, 1949 — back to Table of Contents
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 any offence punishable under this Act or the Companies Act, 1956, alleged to have been committed by any person who took part in the promotion or formation of the banking company being wound up, or by any director, manager, or officer of the company.
(2) When trying such an offence, the High Court may also try any other offence with which the accused may, under the Code of Criminal Procedure, 1973, be charged at the same trial.
(3) In a case tried summarily, the High Court: (a) need not summon a witness if satisfied their evidence would not be material; (b) is not bound to adjourn the trial unless necessary in the interests of justice; (c) must, before sentencing, record a judgment embodying the substance of the evidence and the particulars specified in section 263 of the Code of Criminal Procedure, 1973, so far as applicable — section 262(2) of that Code does not apply to such a trial.
(4) All offences relating to winding up committed by persons described in sub-section (1), punishable under this Act or the Companies Act, 1956, and not tried summarily under sub-section (1), are, notwithstanding anything in that Act, the Code of Criminal Procedure, 1973, or any other law, taken cognizance of and tried by a High Court Judge other than the Judge dealing with the winding-up proceedings.
(5) Notwithstanding the Code of Criminal Procedure, 1973, the High Court may take cognizance of any offence under this section without the accused being committed to it for trial.
Note: Part IIIA was inserted by the Banking Companies (Amendment) Act, 1953. References to criminal procedure and the trial-without-jury requirement were updated by the Banking Laws (Amendment) Act, 1983.
