Amendment status not verified — confirm the current text below against the official source.
Appointment, Duties and Power of Competent Authority : (1) The Government may while issuing the order under sub-section (1) of section 4, appoint any of its officers not below the rank of the Collector as the Competent Authority to exercise control over the moneys and the 30 properties attachment by the Government under section 4 of a Financial Establishment. (2) On receipt of order of appointment, the Competent Authority shall take such necessary actions as are necessary or expedient for taking physical possession of all the moneys and assets of the concerned financial establishment expenditiously and the Competent Authority shall have all the powers which are necessary for the aforesaid purpose. (3) The Competent Authority shall apply within thirty days from the date of the publication of the said Order, to the Designated Court, supported by one or more affidavits stating the grounds on which the Government has issued the said order under section 4 and the amount of money or other property believed to have been acquired out of the deposits and the details, if any, of persons in whose name such property is believed to have been invested or acquired or any other property attached under section 4, for such further orders as found necessary. (4) The Competent Authority may also make an application to any Designated Court or any other judicial forum/authority constituted or entrusted with the powers under any other State Government Law for adjudicating any issue or subject matter pertaining to any money or property of a Financial Establishment under similar enactment in respect of money and property belonging to Financial Establishment or 31 person notified under this Act situated within the territorial jurisdication of that authority for appropriate orders to give effect to be provision of this Act. (5) Without prejudice to the generality of the powers vested under sub-section (i) the Competent Authority 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 extened necessary assistance' (b) open bank accounts in any scheduled commercial bank and credit all moneys 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 or control over any money or assets of the financial establishment, to furnish necessary information, to hand over possession of such assets to the Competent Authority and such person shall comply with the requisition without any loss of time; (d) appoint legal practitioner or Chartered Accountant or any other person whose services are necessary for taking possession of assets and realisation of the assets of the financial establishment; 32 (e) sell, receive, transfer, endorese, negotiate or otherwise deal with any marketable security or negotiable instrument belonging to or in the control of the financial establishment and give proper discharge for the same; (f) sell, transfer of otherwise realize any movable or immovable property belonging to or in the control of the financial establishment either by public auction or with private arrangements; (g) make payment as per the orders passed by the Designated Court from out of the bank accounts, and (h) do all and every acts and deeds which would be necessary for the speedy realisation of the assets of the financial establishment' Provided that the sales and transfers of movable properties should not be done before the atteachments issued by the Government absoulute or has issued a revised attachment order under Section-8. (6) The Competent Authority shall make applications from time to time to the Designated Court seeking permission to make payments to the depositors from out of the money realized. While making such applications, the money realised. While making such applications, the Competent Authority shall assess the liability to the depositors and the other liablilities and in case the money realized or realizable is not sufficient to meet the entire liability, make a submission to the Designated Court seeking permission for making part payment to the depositors and to other creditors and disburse the money as per the order of the Designated Court seeking pemission 33 for making part payment to the depositors and to other creditors and disburse the money as per the order of the Designated Court. Explanation: For the purpose of this section, the expression ''financial establishment'' includes the directors, promoters, managers or member of said establishment or any other person whose property or assets have been attached under section 4.