Punishment for defaults by financial establishment

(1) Where any financial establishment defaults any repayment of deposit on maturity along with any benefit in the form of interest, bonus, profit or in any other form as promised or fails to render service as assured against the deposit, 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 of such financial establishment shall on conviction be punished with imprisonment for a term which may extend to six years and with fine which may extend to one lakh rupees and such financial establishment shall also be liable to fine which may extend to one lakh rupees : Provided that except for special and adequate reasons to be recorded, the imprisonment shall not be less than one year and the fine shall not be less than fifty thousand rupees. (2) No police official shall investigate an offence under this Act, without express permission of an officer not below the rank of Superintendent of Police having jurisdiction.