Amendment status not verified — confirm the current text below against the official source.
Notwithstanding any-thing contained in any other law for the time being in force :- (i) Where, upon complaints received from a depositor or number c•f depositors, that any Financial Establishment defaults the return cf deposits after maturity, or (ii) Where the Government have reason to be- lieve that .any Financial Establishment is acting in a calculated manner with an in- tention to defraud the depositors and if the G0vernmc nt are satisfied that such Financial Establishment is not likely to return the deposits, the Government may in order to protect the interests of the de- positors of such Financial Establishment, pass an ad-interim order attaching the money er other property alleged to have been prc cured either in the name of the Financial Establishment or in the name of any other pcrscn from and out of the depos~t collected by the Financial Establishment, or if it transpires that such money or other preperty is not available for attachment or not sufficient for repayment of the de- posits, such other property of the said Fin- ancial Establishment or the promoter, manager or member of the said Financial Establishment as the Government may think fit and transfer the control over the said money or property to tho competent au- thority.