Assurance - Year 2004 - Bare Acts

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Chapter II

Title: Chapter Ii

State: Karnataka

Year: 2004

.....Special Court or Designated Court or any judicial forum, as the case may be for passing appropriate orders to give effect to the provisions of this Act. Section 6 - Duties and powers of Competent Authority (1) On receipt of order of appointment, the Competent Authority shall take such necessary actions as it is necessary or expedient for taking physical possession of all the monies and assets of the concerned financial establishment expeditiously and the Competent Authority shall have all the powers which arc necessary for the aforesaid purpose. (2) Without prejudice to the generality of the power vested under sub-section (1), the Competent Authority may carry out the purposes of this Act and shall be entitled to: (a) require assistance of any police authority or any other authority or person and on such requisition it shall be the duty of the police authority or such other authority or person to extend necessary assistance; (b) open bank accounts in any scheduled commercial bank and credit all monies realised and operate the bank accounts while dealing with the money received in his capacity as Competent Authority; (c) require any person believed to be in possession.....

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Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 3

Title: Attachment of Properties on Default of Return of Deposits

State: Karnataka

Year: 2004

.....financial establishments, and where it transpires that such money or other property is not available for attachment or not sufficient for the repayment of the deposits, such other property of the said financial establishments, or the personal assets of the promoters, partners, directors, managers or members or any other person of the said financial establishments. (3) The Government shall also notify the ad interim order made under sub-section (2) in the Official Gazette and two newspapers having wide circulation and shall also cause to be affixed a copy of such order on some conspicuous place of the properly so attached. (4) On the publication of the order made under sub-section (2), all the properties and assets of the financial establishment and the persons mentioned therein shall forthwith vest in the Competent Authority appointed by the Government, pending further order from the Special Court.

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Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Chapter III

Title: Chapter Iii

State: Karnataka

Year: 2004

.....of the Court, the imprisonment shall not be less man three years and the fine shall not be less than twenty thousand rupees as against each individual and not less than one lakh of rupees against such financial establishment. Explanation.--For the purpose of this section a financial establishment, which commits default in repayment of such deposit with such benefits in form of interest, bonus, profit or in any other form as promised or fails to render any specific service promised against such deposit, or fails to render any specific service agreed against the deposit with an intention of causing wrongful gain to one person or wrongful loss to another person or commits such defaults due to its inability arising out of impracticable or commercially not viable promises made while accepting such deposit or arising out of deployment of money or assets out of the deposits in such manner as it involves inherent risk in recovering the same when needed shall, be deemed to have committed a default or failed to render the specific service, fraudulently.

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Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 9

Title: Fraudulent Default by Financial Establishment

State: Karnataka

Year: 2004

.....of the Court, the imprisonment shall not be less man three years and the fine shall not be less than twenty thousand rupees as against each individual and not less than one lakh of rupees against such financial establishment. Explanation.--For the purpose of this section a financial establishment, which commits default in repayment of such deposit with such benefits in form of interest, bonus, profit or in any other form as promised or fails to render any specific service promised against such deposit, or fails to render any specific service agreed against the deposit with an intention of causing wrongful gain to one person or wrongful loss to another person or commits such defaults due to its inability arising out of impracticable or commercially not viable promises made while accepting such deposit or arising out of deployment of money or assets out of the deposits in such manner as it involves inherent risk in recovering the same when needed shall, be deemed to have committed a default or failed to render the specific service, fraudulently.

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Bare Act Search Results

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Chapter II

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 3

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Chapter III

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 9