Section 79: Sanctions on public interest entities

79. Sanctions on public interest entities (1) Where the Council reaches a final decision under section 23, to the effect that a public interest entity has failed to comply with any financial reporting and accounting standard, code, Code of Corporate Governance or guideline issued under this Act, and with such other financial reporting and accounting standards as may be specified under the relevant enactments, the Council may issue a warning to the public interest entity or serve a notice on the public interest entity for an immediate restatement of its financial statement. (2) Where a notice is served on a public interest entity under subsection (1), it shall, within 30 days of the service of the notice, restate its financial statements and resubmit them to the Council and to the Government department or authority. (3) Any public interest entity which fails to comply with the notice referred to in subsection (2) shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees, and the Council may refer the matter to the Registrar of Companies or the relevant Government department or authority for appropriate action. [S. 79 amended by s. 12 (v) of Act 27 of 2012 w.e.f. 22 December 2012.]