Section 19IC in The Depositories Act, 1996

Title: Continuance of proceedings

Description: 1[19-IC. Continuance of proceedings.--(1) Where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased: Provided that, in case of any penalty payable under this Act, a legal representative shall be liable only in case the penalty has been imposed before the death of the deceased person. (2) For the purposes of sub-section (1),-- (a) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, initiated against the deceased before his death shall be deemed to have been initiated against the legal representative, and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased and all the provisions of this Act shall apply accordingly; (b) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, which could have been initiated against the deceased if he had survived, may be initiated against the legal representative and all the provisions of this Act shall apply accordingly. (3) Every legal representative shall be personally liable for any sum payable by him in his capacity as legal representative if, while his liability for such sum remains undischarged, he creates a charge on or disposes of or parts with any assets of the estate of the deceased, which are in, or may come into, his possession, but such liability shall be limited to the value of the asset so charged, disposed of or parted with. (4) The liability of a legal representative under this section shall be limited to the extent to which the estate of the deceased is capable of meeting the liability. Explanation.--For the purposes of this section "legal representative" means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character, the person on whom the estate devolves on the death of the party so suing or sued. 1. Ins. by Act 13 of 2018, s. 199 (w.e.f. 8-3-2019).

Title: Crediting sums realised by way of penalties to Consolidated Fund of India

Description: All sums realised by way of penalties under this Act shall be credited to the Consolidated Fund of India.]

Title: Offences

Description: 1[2 [20. Offences.--(1) Without prejudice to any award of penalty by the adjudicating officer 3[or the Board] under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations or bye-laws made thereunder, he shall be punishable with imprisonment for a term which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both. (2) If any person fails to pay the penalty imposed by the 4[adjudicating officer or the Board or fails to comply with any] directions or orders, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to ten years, or with fine, which may extend to twentyfive crore rupees, or with both.] 1. Subs. by s. 200, ibid.., for "PENALTY" (w.e.f. 8-3-2019). 2. Subs. by Act 1 of 2005, s. 18, for section 20 (w.e.f. 12-10-2004). 3. Ins. by Act 13 of 2018, s. 201 (w.e.f. 8-3-2019). 4. Subs. by s. 201, ibid., for "adjudicating officer or fails to comply with any of his" (w.e.f. 8-3-2019).

Title: Offences by companies

Description: 21. 1[Contravention by companies].--(1) Where 2[a contravention of any of the provisions of this Act or any rule, regulation, direction or order made thereunder] has been committed by a company, every person who at the time the 3[contravention] was committed was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the 3[contravention] and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where 2[a contravention of any of the provisions of this Act or any rule, regulation, direction or order made thereunder] this Act has been committed by a company and it is proved that the 3[contravention] has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of the 3[contravention] and shall be liable to be proceeded against and punished accordingly. Explanation.--For the purposes of this section,-- (a) 'company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm. 1.Subs. by Act 13 of 2018, s. 202, for "Offences by companies" (w.e.f. 8-3-2019). 2. Subs. by s. 202, ibid., for "an offence under this Act" (w.e.f. 8-3-2019). 3. Subs. by s. 202, ibid., for "offence" (w.e.f. 8-3-2019).

Title: Cognizance of offences by courts

Description: 1[22. Cognizance of offences by courts.--(1) No court shall take cognizance of any offence punishable under this Act or any rules or regulations or bye-laws made thereunder, save on a complaint made by the Central Government or State Government or the Securities and Exchange Board of India or by any person. 2 * * * * *] 1. Subs. by Act 1 of 2005, s. 19, for section 22 (w.e.f. 12-10-2004). 2. Sub-section (2) omitted by Act 27 of 2014, s. 52 (w.e.f. 18-7-2013).

CHAPTER 4 ENQUIRY AND INSPECTION