The Gujarat Protection of Interest of Depositors (in Financial Establishments) Act, 2003
gujarat · 2004
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the Gujarat Protection of Interest of Depositors (in Financial Establishments) Act, 2003
- S. 2Section 2 defines terms used in the Gujarat Protection of Interest of Depositors Act, 2003, specifying what constitutes a deposit and what does not.
- S. 3Section penalizes fraudulent defaults by financial establishments and responsible individuals with imprisonment and fines.
- S. 4Section 4 allows the State Government to attach properties of a defaulting financial establishment to protect depositors' interests.
- S. 5Section 5 appoints a Competent Authority to manage and report on financial assets attached by the State Government under the Act.
- S. 6Section 6 empowers the Competent Authority to take possession of a financial establishment's assets and manage them.
- S. 7Section 7 mandates the Competent Authority to assess a financial establishment's assets, deposits, and liabilities, and submit a report to the Designated Court.
- S. 8Section 8 directs the Competent Authority to apply to the Designated Court for permission to pay depositors from realized funds, assessing liabilities and seeking court orders if funds are insufficient.
- S. 9Section 9 establishes designated courts with exclusive jurisdiction over financial establishment cases in Gujarat.
- S. 10Section 10 mandates the Designated Court to issue notices to financial establishments and claimants to object to asset attachments, and to make final attachment orders if no objections are raised.
- S. 11(1) The Designated Court shall have all the powers for giving effect to the provisions of this Act
- S. 12Section 12 allows courts to attach transferees' property if they suspect improper transfers by financial establishments to cover deposit shortfalls.
- S. 13Section 13 allows financial establishments to apply for security to replace or avoid attachment of their assets under the act.
- S. 14Section 14 allows the Designated Court to order the use of attached assets for the maintenance of applicants and to safeguard business interests.
- S. 15Section 15 allows appeals to the High Court against Designated Court orders within 30 days.
- S. 16Section 16 allows the State Government to appoint experienced advocates as Special Public Prosecutors and Special Government Pleaders to handle cases in designated courts.
- S. 17Section 17 allows the Designated Court to try offences without prior commitment, following criminal procedure rules.
- S. 18Section 18 ensures the Gujarat Act overrides any conflicting laws, customs, or usages.
- S. 19Section 19 protects state officials from legal actions for actions taken in good faith under the Act.
- S. 20(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the purposes of thi
- S. 21Power to remove difficulty