Section 76A:
Punishment for contravention of section 73 or section 76.
1[76A. Punishment for contravention of section 73 or section 76.-- Where a company accepts or
invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention
of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a
company fails to repay the deposit or part thereof or any interest due thereon within the time specified
under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the
Tribunal under section 73,--
(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the
interest due, be punishable with fine which shall not be less than 2[one crore rupees or twice the
amount of deposit accepted by the company, whichever is lower] but which may extend to ten crore
rupees; and
(b) every officer of the company who is in default shall be punishable with imprisonment which
may extend to 3[seven years and with fine] which shall not be less than twenty-five lakh rupees but
which may extend to two crore rupees, 4***:
Provided that if it is proved that the officer of the company who is in default, has contravened such
provisions knowingly or wilfully with the intention to deceive the company or its shareholders or
depositors or creditors or tax authorities, he shall be liable for action under section 447.]
Notes:
1. Ins. by Act 21 of 2015, s. 8 (w.e.f. 29-5-2015).
2. Subs. by Act 1 of 2018, s. 17, for "one crore rupees" (w.e.f. 9-2-2018).
3. Subs. by s. 17, ibid., for "seven years or with fine" (w.e.f. 9-2-2018).
4. The words "or with both" omitted by s. 17, ibid. (w.e.f. 9-2-2018).