The KARNATAKA PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL ESTABLISHMENTS ACT, 2004
karnataka · 2005
- S. 1Substituted by Act 09 of 2025 w
- S. 2Definitions
- S. 3Attachment of properties on default of return of deposits
- S. 4Amendment of section 4
- S. 5Competent Authority
- S. 6Duties and powers of Competent Authority
- S. 7Section 7 mandates the Competent Authority to assess a financial establishment's assets and liabilities, and invite claims from creditors and depositors within a specified timeframe.
- S. 8Report by the Competent Authority
- S. 9Amendment of section 10
- S. 9A—
- S. 10Amendment of section 11
- S. 11Powers of the Special Court regarding realization of assets and payment to depositors
- S. 12Amendment of section 13
- S. 13Attachment of property of malafide transferees
- S. 14Insertion of new section 21A
- S. 15Administration of property attached
- S. 16Appeal
- S. 17Special Public Prosecutor
- S. 18Procedure and powers of Special Court regarding offences
- S. 19Act to override other laws
- S. 20Protection of action taken in good faith
- S. 21Power to make rules
- S. 21ASection 21A empowers the state government to create a scheme to protect depositors' interests in unregulated financial establishments.
- S. 22Power to remove difficulties