(1) The High Court may, if it thinks fit, take cognizance of and try in a summary way any offence alleged to have been committed by any person who has taken part in the promotion or formation of the banking company which is being wound up or by any director, manager or officer thereof:
Provided that the offence is one punishable under this Act or under the *[Companies Act, 1956 (1 of 1956)]
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* Subs. by s. 14 and the Schedule, ibid., for "Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957).
(2) When trying any such offence as aforesaid, the High Court may also try
any other offence not referred to in sub-section (1) which is an offence
with which the accused may, under the 1[Code of Criminal Procedure 1973 (2
of 1974)] be charged at the same trial.
(3) In any case tried summarily under sub-section (1), the High Court-
(a) need not summon any witness, if it is satisfied that the evidence of such witness will not be material;
(b) shall not be bound to adjourn a trial for any purpose unless such adjournment is, in the opinion of the High Court, necessary in the interests of justice;
(c) shall, before passing any sentence, record judgment embodying the substance of the evidence and also the particulars specified in section 263 of the 1[Code of Criminal Procedure, 1973 (2 of 1974)] so far as that section may be applicable, and nothing contained in sub-section (2) of section 262 of the 1[Code of Criminal Procedure, 1973 (2 of 1974)] shall apply to any such trial.
(4) All offences in relation to winding up alleged to have been committed by any person specified in sub-section (1) which are punishable under this Act or under the 1[Companies Act, 1956 (1 of 1956)] and which are not tried in a summary way under sub-section (1) shall, notwithstanding anything to the contrary contained in that Act or the 1[Code of Criminal Procedure, 1973 (2 of 1974)] or in any other law for the time being in force, be taken cognizance of and tried by a Judge of the High Court other than the Judge for the time being dealing with the proceedings for the winding up of the banking company.
(5) Notwithstanding anything to the contrary contained in the 1[Code of Criminal Procedure, 1973 (2 of 1974)], the High Court may take cognizance of any offence under this section without the accused being committed to it for trial 2***.
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1. Subs. by Act 1 of 1984, s. 35, for "Code of Criminal Procedure, 1898 (5 of 1898)" (w.e.f. 15-2-1984)
2. The words "and all such trials shall be without the aid of a jury" omitted by s. 35, ibid. (w.e.f.15-2-1984)
Section 45K.
[Power of High Court to enforce schemes of arrangements, etc.] Omitted by
the Banking Companies (Amendment) Act, 1959 (33 of 1959), s. 31 (w.e.f.
1-10-1959).
Section 41 Preliminary report by official liquidator
Section 41A Notice to preferential claimants and secured and unsecured creditors
Section 42 Power to dispense with meetings of creditors
Section 43 Booked depositors credits to be deemed proved
Section 43A Preferential payments to depositors
Section 44 Powers of High Court in voluntary winding up
Section 44A Procedure for amalgamation of banking companies
Section 44B Restriction on compromise or arrangement between banking company and creditors
Section 45A Part IIIA to override other laws
Section 45B Power of High Court to decide all claims in respect of banking companies
Section 45C Transfer of pending proceedings
Section 45D Settlement of list of debtors
Section 45E Special provisions to make calls on contributories
Section 45F Documents of banking company to be evidence
Section 45G Public examination of directors and auditors
Section 45H Special provisions for assessing damages against delinquent directors, etc