Section 28 SARFAESI Act, 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002)
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 1[under section 12 or section 12A], 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.—If any securitisation company or reconstruction company fails to comply with any direction issued by the Reserve Bank 1[under section 12 or section 12A], 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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