Proportionate reduction of penalty - sec. 295
This query is : Resolved
05 February 2014
It has been written in ICSI study material that where loan in contravention of sec. 295 has been repaid in full, then no imprisonment shall be made. Where it has been repaid proportionately, then imprisonment shall be reduced proportionately. Is it available for fine upto Rs. 50,000 also or only for imprisonment? Please reply.
06 February 2014
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