Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time being in force- (a) where, upon complaints received from any depositors or otherwise, the Government is satisfied that any financial establishment has failed- (i) to return the deposits after maturity or on demand by depositor; (ii) to pay interest on deposit or other assured benefit; or (iii) to provide the service against such deposit; or (b) where the Government has reason to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors, and if the Government is satisfied that such financial establishment is not likely to return the deposits or to provide the service, the Government may in order to protect the interest of the depositors of such financial establishment, pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the financial establishment, or in the name of any other persons from and out of the deposits collected by the financial establishment, or if it transpires that such money or other property is not available for attachment or not sufficient for repayment of the deposits, such other property of the said financial establishment or the promoter, manager ,director or partner or member of the said financial establishment to the extent of default or such other properties of that person in whose name properties were purchased from and out of the deposits collected by the Financial Establishments as the Government may think fit to attach and transfer the control over the said money or properties to the Competent Authority.