Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time being in force, (i) Where, upon complaint received from a number of depositors that any Financial Establishment default the return of deposit after maturity or fails to pay interest on deposit The Arunachal Pradesh Extraordinary Gazette, October 6, 2017 3 or fails to provide the service for which deposit has been made, or any report from the Deputy Commissioner or an officer not below the rank of Superintendent of Police of the Bureau of investigation (Economic Offences) of the respective jurisdiction or otherwise, that any Financial Establishment has- (a) received deposits from public by indulging in a fraudulent act; or (b) failed to return the deposit after maturity or on demand by depositors; or (c) failed in payment of interest on deposit or other assured benefit; or (d) failed to provide the service against such deposit; and/or (ii) Where the Government has reason to believe that any Financial Establishment is acting in a calculated manner with an intention to defraud the depositors, and if the Government is satisfied that such Financial Establishment is not likely to return the deposits or to make payment of interest or to provide the service, the Government may, in order to protect the interest of the depositors of such Financial Establishment pass an ad-interim order by publishing it in the Official Gazette, attaching the money or other property alleged to have been procured either in the name of the Financial Establishment, or in the name of any other person from and out of the deposits collected by the Financial Establishment, or if it is transpires that such money or other property is not available for attachment or not sufficient for repayment of the deposits, such other property of the said Financial Establishment or the promoter, manager or member of the said Financial Establishment, or a person who has borrowed money from the Financial Establishment to the extent of his default or such other properties of that person in whose name the properties where purchased from and out of the deposit collected by the Financial Establishment, as the Government may think fit, transfer the control over the said money or property to the competent authority. Explanation-I:- For the purposes of clause (i) any Financial Establishment receiving deposits from public in violation of any law for the time being in force or without valid registration/ license/permission from a competent Regulatory Authority or which dresses, Camouflages its deposit taking in the form of any other business or activity shall be deemed to be indulging in fraudulent act. Explanation-2:- the expression “Government” for the purpose of this section shall mean and include the Finance Department of the Government of Arunachal Pradesh”.