Amendment status not verified — confirm the current text below against the official source.
Attachment of property of mala fide transferees.- (!) Where the -.:alue of the assets available for attachment of a financial establishment or any person referred to in section 3 are found to be less . than the amount or value which is required to be repaid by such fmancial establishment to the depositors and where the Special Court is satisfied by affidavit or otherwise that there is reasonable cause for believing that the said fmancial establishment or person has transferred, whether before the commencement of this Act or after that, any of the property otherwise than in good faith and for consideration, the Special Court may, by notice, require any establishment to which or person to whom such property, was transferred whether the property was received directly or not from the financial establishment or person, to appear on a date to be specified in the notice and show cause why so much of the property of the establishment or of the person, as is equivalent to the market value of the property got transferred, should not be attached. (2) Where the establishment or person who got transfer as stated in sub-section (I) does not appear and show cause on the specified date, or where after the investigation complying the procedure provided in sub-section (5) of section 8, the Special Court is satisfied that the transfer of the property to the establishment or person was not in good faith and 8 f~r consideration, the Special Court shall order the attachment of so much of the property of the establishment or person who received the property, as in the opinion of the Special Court equivalent to the market value of the property transferred.