Notwithstanding anything contained in Section 3, where any financial establishment defaults the return of the deposit or defaults the payment of interest on the deposit, or fails to return in any kind or fails to render service for which the deposit have been made, every person including the promoter, manager, director or partner or an employee of the financial establishment responsible for the management of the affairs of the financial establishment shall be punished with imprisonment, for a term which may extend to ten years and with fine which may extend to one lakh of rupees or both and such Financial Establishment shall also be liable for a fine which may extend to two lakh rupees.
Section 7: Punishment for default in repayment of deposits and interests
The Meghalaya Protection of Interest of Depositors (in Financial Establishments) Act, 2018 (Act No. 8 of 2018)State Act of Meghalaya · Act 8 of 2018
Where this provision sits
| Act | The Meghalaya Protection of Interest of Depositors (in Financial Establishments) Act, 2018 (Act No. 8 of 2018) |
|---|---|
| Section | 7 |
| Marginal note | Punishment for default in repayment of deposits and interests |
| Jurisdiction | State of Meghalaya |
| Status | In force as published by the source |
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
- Search 49,000+ Central and State enactments by what a provision says, not by its number
- Jump from any section to every judgment that has applied it
- Search 300 million+ Indian court records alongside the statute
- Ask a research agent to find and read the case law on a provision for you
Free account. No card. About a minute to create.
Create a free accountNeed this as data, not as a page? The Meghalaya Protection of Interest of Depositors (in Financial Establishments) Act, 201… is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.