Punishment for defaults by financial establishment.

Where any financial establishment fraudulently defaults or any financial establishment acts in a calculated manner with an intention to defraud the depositors; every person including the promoter, partner, director, manager or any other person or an employee responsible for the management of or conducting of the business or affairs or of such financial establishment shall be punished with imprisonment for a term which shall not be less than 3 years but may extend to ten years and with fine which not be less than Rs. 1,00,000 but may extend to Rs. 5,00,000 and such financial establishment shall also be liable to fine not less than Rs. 3,00,000 but may extend to Rs. 10,00,000.