law: Credit Information Companies (Regulation) Act, 2005 
  Chapter VII: Offences
  
  and Penalties
  23. Offences and
  
  penalties.- 
  1.     
  
    Whoever,
  
  in any return or other document or in any information required or furnished by,
  
  or under, or for the purposes of, any provision of this Act, wilfully makes a
  
  statement which is false in any material particular, knowing it to be false, or
  
  wilfully omits to make a material statement, shall be punishable with
  
  imprisonment for a term which may extend to one year and shall also be liable
  
  to fine.
  2.     
  
    Every
  
  credit information company or a credit institution or any specified user,
  
  willfully, performing any act or engaging in any practice, in breach of any of
  
  the principles referred to in section 20, shall be punishable with fine not
  
  exceeding one crore rupees.
  3.     
  
    Any
  
  credit information company or credit institution or specified user willfully
  
  providing to any other credit information company or credit institution or
  
  specified user or borrower or client, as the case may be, credit information
  
  which is false in any material particular, knowing it to be false, or willfully
  
  omits to make a material statement, shall be punishable with fine which may
  
  extend to one crore rupees.
  4.     
  
    Any
  
  person who contravenes any provision of this Act or of any rule or order made
  
  there under, or obstructs the lawful exercise of any power conferred by or
  
  under this Act, or makes default in complying with any requirement of this Act
  
  or of any rule or order made or direction issued there under, shall, if no
  
  specific provision is made under this Act for punishment of such contravention,
  
  obstruction or default, be punishable with fine which may extend to one lakh
  
  rupees and where a contravention or default is a continuing one, with a further
  
  fine which may extend to five thousand rupees for every day during which the
  
  contravention or default continues.
  5.     
  
    Where
  
  a contravention or default has been committed by a credit information company
  
  or credit institution or specified user, as the case may be, every person who,
  
  at the time the contravention or default was committed, was in charge of, and
  
  was responsible to the credit information company or credit institution or
  
  specified user for the conduct of its business, shall be deemed to be guilty of
  
  the contravention or default 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 contravention or default was committed without
  
  his knowledge or that he exercised all due diligence to prevent the
  
  contravention or default.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
  
  6.     
  
    Notwithstanding
  
  anything contained in sub-section (5), where a contravention or default has
  
  been committed by a credit information company or credit institution or
  
  specified user, as the case may be, and it is proved that the same was
  
  committed with the consent or connivance of, or is attributable to any gross
  
  negligence on the part of its chairperson, managing director, any other
  
  director, manager, secretary or other officer of the credit information company
  
  or the credit institution, such chairperson, managing director, any other
  
  director, manager, secretary or other officer shall also be deemed to be guilty
  
  of that contravention or default 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.