(1) An offence punishable under Section 7 may, before the institution of the prosecution, be compounded by the Competent Authority or after the institution of the prosecution, be compounded by the Competent Authority with the permission of the Special Court on payment of the entire amount due to the depositors with or without interest.
(2) Where an offence has been compounded under sub-section (I), no proceeding of further proceeding, as the case may be, shall be taken or continued against the offender in respect of the offence so compounded and the offender, if in custody, shal1 be discharged forthwith.
(2) Where an offence has been compounded under sub-section (I), no proceeding of further proceeding, as the case may be, shall be taken or continued against the offender in respect of the offence so compounded and the offender, if in custody, shal1 be discharged forthwith.
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Attachment of properties on default of return of depositsSection 4 · Authorities to receive complzints and cause inquiry and investigationSection 5 · Offences to be cogn~able and non-bailableSection 6 · Competent AuthoritySection 7 · Punishment for default in repayment of deposits and interestsSection 8 · Report and Return by the Financial EstablishmentsIndia Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.