Section 271BB:
Failure to subscribe to the eligible issue of capital.
Whoever fails to subscribe any
amount of subscription to the units issued under any scheme referred to in sub-section (1) of section
18A2to the eligible issue of capital under that sub-section within the period of six months specified
therein, may be directed by the 3
Joint Commissioner to pay, by way of penalty, a sum equal to twenty
per cent of such amount.
Notes:
1. Ins. by Act 12 of 1990, s. 43 (w.e.f. 1-4-1990).
2.Section 88A omitted by Act 33 of 1996, s. 35 (w.e.f. 1-4-1994).
3. Subs. by Act 21 of 1998, s. 3, for “Deputy Commissioner” (w.e.f. 1-10-1998).