Amendment status not verified — confirm the current text below against the official source.
Duties and powers of Competent Authority.- (1) On receipt of order of appointment, the Competent Authority shall take such necessary actions as it is necessary or expedient for taking physical possession of all the monies and assets of the concerned financial establishment expeditiously and the Competent Authority shall have all the powers which are necessary for the aforesaid purpose. (2) Without prejudice to the generality of the powers vested under sub-section (1), the Competent Authority may carry out the purposes of this Act and 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 extend necessary assistance; (b) open bank accounts in any scheduled commercial bank and credit all monies realized 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 of control over any money or assets of the financial establishment, to furnish necessary information, and 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 realization of the assets of the Financial Establishment; (e) sell, receive, transfer, endorse, 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 or otherwise realise any movable or immovable property belonging to or in the control of the Financial Establishment or sell the property belonging to or in the control of the Financial Establishment, by public auction or with the prior approval of the Special Court by private arrangements; Provided that the perishable items of assets shall be sold by public auction as soon as the Competent Authority deems fit. (g) make payment as per the orders passed by the Special Court from out of the bank accounts, and 15 (h) do all and every acts which would be necessary for the speedy realization of the assets of the Financial Establishment. 2[(i) summon to produce document or other thing. Whenever any Special Court or any Competent Authority considers that the production of any document or other thing is necessary or desirable for the purposes of any investigation, inquiry, trial or other proceeding under this Act by or before such Special Court or Authority, such Special Court or Authority may issue a summons, to the person in whose possession or power such document or thing is believed to be, requiring him to attend and produce it, or to produce it, at the time and place specified in the summons or order: Provided that, the order of Special Court or Competent Authority as the case may be to be construed, to be order made by a Court or a Judge for a special cause in the application of sections 5, 6 and 7 of the Bankers' Books Evidence Act, 1891 (Central Act 13 of 1891), to any investigation or inquiry. Explanation 1: for the purpose of this section, “document or thing” shall include electronic record within the meaning of sub clause (r) of the clause (1) of section 2 and section 4 of the Information Technology Act, 2000 (Central Act 21 of 2000). (j) Nothing in this section shall be deemed,- (a) to affect sections 129 and 130 of the Bharathiya Sakshya Adhiniyam, 2023 (Central Act 47 of 2023); or (b) to apply to a letter, postcard, telegram or other document or any parcel or thing in the custody of the postal or telegraph authority:]2 3[Explanation 2: For the purpose of this section "Fina ncial Establishment" includes the Directors, Partners, Promoters, Managers or Members and Former Directors, Partners, Promoters who have demitted or resigned from establishment provided their liability is limited to the period of office of said establishment or any other person whose property or assets have been attached under section 3.]3 1[(3) The Government shall empanel or adopt and notify the list of,- (a) agencies for valuation of assets and to assist selling of assets to prospective buyers; and (b) forensic auditors and digital auditor for forensic audit of money trail. The competent Authority shall utilise the services of such agencies for valuation of assets for selling of assets and for forensic and digital audit of money trail: Provided that, the Competent Authority may also utilize the services of agencies empanelled by the Securities Exchange Board of India to assist the Court for assessing the value of assets and selling the assets to the prospective buyers in accordance with law, till the Government empanels such agencies: Provided further that, the Competent Authority may also utilise the services of the Valuers approved by the Nationalised Bank for valuation of assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (Central Act 54 of 2002) for Valuation of the assets, till the State empanels such agencies: 16 Provided also that, the Competent Authority may also utilize the services of Forensic Auditor or Digital Auditor empanelled by Indian Bankers' Association for Forensic Audit of Money trail till the State empanels such agencies, wherever felt required.]1