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26
IB|HAR ACT, 18, 20021
The Bihar Protection of lnterest of Depositors
(fn Financial Establishments), Act, 2002
To protect the interest of DeDositors of the FinancialEstablishments and matters relating thereto.
Be it enacted by the Legislature of the State of Bihar in theFifty Third Year of the Republic of India as fotlows, namely
'1. Short title and Commencement:
('l ) This Act may be called the Bihar Protection of Interests
of Depositors (in Financial Establishments) Act, 2002.
(2) lt shall exlend to whole of the State of Bihar
(3) lt shall come idv-'io force at once.
AN
ACT
27
2. Definitions :
In this Aci unless the context otherwise requires :
(a) "Competent Authority" means the Competent Authority
appointed under sanction 5;
(b) Designated Court means the Designated Court
constituted under section 6:
(c) "deposit" includes and shall be deemed always to have
included any receipl of money or acceptance of any
valuable commodity by any Financial Establishment to
be returned after a specified period or otherwise, either
in cash or in kind or in the form of specified service
with or without any benefit in the form ol interest, bonus,
profit or in any other form, but does not include -(i) amount raised by way of share capital or by way
of debenture, bond or any other instrument covered
under the guidelines given, and regulations made,
by the "SEB|", established under the Securities and
Exchange Board of India Act, 1992 (15 of 1992);
(ii) amount contributed as capital by partners of a firm;
(iii) amounls received from a scheduled bank or a co-
operative bank or any other banking company as
delined in clause (c) of section 5 of the Banking
Regulation Act, '1949 : ('10 of 1949);
(iv) Any amount received from -(a) the Industrial Development Bank of India
(b) a State Financial Corporation,
28
(v)
(vi)
(viD
(c) any financial institution specified in or under
section 6A of the industrial Development Bank
of lndia Act, 1964;
amount received in the ordinary Course of business
by way ot -(a) security daposit
(b) dealership deposit
(c) eamest money
(d) advance against order for goods or services:
any amount received tro m an individual or a firm
or an association of individuals nor being a body
corporate, regi9iered under any enaclmenl relating
to money lending which is for time being in forcein the State; and
any amount received by way of subscriptions in
respect of Chit.
Explanation - | :
"Chit" has the meaning as assigned to it in
clause (b) of section 2 of the Chit Funds Act, 1982;
Explanalion - ll :
Any credit given by a seller to a buyer on the sale
of any property (whether moveable or immovable) shall
not be deemed to be deposit for the pu.pose of this
ctause.
29
(d) "Financial Establishment" means any person including
association of persons in whatever torm it operates, a
firm or a company accepting deposit under any scheme
or arrangement o. io any other manner but does not
include a corporation or a co-operative society owned
or controlled by any State Govemment or the Central
Government or a banking company as defined under
clause (c) of section 5 of the Banking Regulation Act,
1949.
(e) "Government" means the Government ot Bihar
(0 "prescribed" means prescribed under the Rules.
3. Fraudulent default by Financial Establishment :
Where any Financial Establishment, having fraudulently or
dishonestly, defaults in repayment of any deposit on maturity
along with any benefit in the form of interest, bonus or
protit, or in any other form as promised or fraudulently or
dishonestly fails to reltder service as assured againsl the
deposit, the Financial Establishment and every person
including the promoter, partner, director, manager or any
other person or any employee responsible for the
management of or conducting the business or affairs of
such Financial Establishment shall, on convention, be
punished with imprisonment for term up to ten years and
with fine up to one lakh of rupees or where such default
relates to a quantiflable sum ot money twice amount of
such sum. whichever is more:
30
Provided that in absence of special and adequate reasons
to be recorded in the judgment of the Court, theimprisonment shall not be for less than three years and the
fine shall not be less than fifty thousand rupees.
Explanation - | :
For the purpose of this section, a Financial Establishment,
which commits default in repayment of any deposit with
such benefits in the term of interest, bonus, profit or in any
olher term as promised or falls lo render any specified
service agreed against the deposit with an intention of
causing wrongful gain to one person on wrongful loss to
another pe6on or commits such defaults due to its inability
arising out ot impracticable of commercially not viable
promises made while accepting such deposit or arising out
of deployment of money or assets acquired out of the
deposits in such a manner as it involves inherent risk inrecoveing the same when needed, shall be deemed to
have committed a default or failed to render the specific
seMce, traudulently.
Explanation - ll :
When a question arises whether any Financial
Establishment has committed fraudulent default within the
meaning ot this section, ihe Courl shall presume that such
Financial Establishment has committed the default
fraudulently.
3l
4. Attachment of properties on defaull of rcturn ofdeposits:
(1) Notwithstanding any thing contained in any other law
for the time being in force.
(i) where upon complaints received from the
depositors or othenvise the Govemment is salisfied
that any Financial Establishment has failedi
(a) to return the deposit after maturity on demand
by lhe depositor; or
(b) to pay interest or other assured benefits; or
(c) to provide the service promised against such
deposit: or
(ii) where the Government has reason lo believe that
any Financial Establishment is acting in a manner
detrimental to the interest of the depositors with an
intention to defraud them and if the Govemment is
satisfied that such Financial Establishment is not
likely to return the deposits or make payment ofinterest or other benefits assured or to provide ihe
services againsl the deposit is received, the
Government may, in order to protect the interest of
the depositors of such Financial Establishments,
after recording reasons, in writing, issue an order
b) publlshing it in the Ofticial GazettE, attaching
the money or other property believed to have been
acquired by such Financial Establishmeht either it
its own name or in the name any other person
from out of the deposits collected by the Financial
Establishment, or if it transpired that such money
or other property is not available for attachment ornot sufficient for repayment of the deposlts, suchother property of the said Financial Establishment
or the promoter, director, partner or manager ormember of the said Financial Establishment as
the Government may deem fit.
On the publication of the order under sub-section (i) atl
the properties and assets ol the Financial Establishment
and the persons mentioned therein shall forlhwith vestin the Competent Authority appointed by theGovemmenl, pending further order from the Designated
Court.
Save and otherwise specially provided in any other lawlhe attachment shall be made in the manner provided
for attachment of property in execution of a decreeunder order 2'1 Rules 43, 43A, 46,47,49,50, 51 and54 of the Code of Civil Procedure.
5. Appointment, Duties and Power of CompetentAuthority :
('l) The covernment may while issuing the order undersub-section ('1) of section 4, appoint any of its officersnot below the rank of the Collector as the CompetentAuthority to exercise control over the moneys and theproperties attached by the Government under section4 of a Financial Establishment.
(21
(3)
33
(2)
(3)
On receipt of order of appointment, the Competent
Authority shall take such necessary actions as are
necessary or expedient for taking physical possession
of all the moneys and assets of the concemed financial
establishment expeditiously and the Competent Authority
shall have all the powers which are necessary for lhe
aforesaid purpose.
The Competent Authority shall apply within thirty days
from the date ot the publication of the said Order, to lhe
Designated Court, supported by one or more affidavits
stating the grounds on which the Govemment has
issued the said order under section 4 and the amount
of money or other property believed to have been
acquired out ot the deposits and the details, if any, ot
persons in whose name such property is believed to
have been invested or acquired or any other propeny
attached under section 4, for such further orders as
found necessary
(4) The competent Authority may aiso make an applic'ltion
to any Designated Court or any other judicial forum/
authority constituted or entrusled with the po'/€rs under
any other State Government Law for adjudicating any
issue or subject matter pertaining to any money or
property of a Financial Establishment under similar
enactment in respect of money and property belonging
to Financial Establishment or person notified under thi6
Act situated within the territorial jurisdiction of that
authority for appropriate orders to give effect to be
orovisions of this Act.
u
(5) Without prejudice to the generality of the power vested
under sub-section (i) the Competent Authority shall be
entrtled to;
(a) require assistance of any police authority or anyother authority or person and on such requisition il
shall be the duty of the police authority or suchother authority or person to extend necessaryassistance;
(b) open bank accounts in any scheduled commercial
bank and credit all moneys realised and operate
the bank accounts while dealing with the moneyreceived in his capacity as Competent Authority;
(c) require any person believed to be in possession orcontrol over any money or assets of lhe financialestablishment, to furnish necessary information,to hand over possession of such assets to theCompetent Authority and such person shall complywith the requisition without any loss of time;
(d) appoint legal practitioner or Chartered Accountantor any other person whose services are necessarytor taking possession of assets and realisation ofthe assets of the financial establishment:
(e) sell, receive, lransfer, endorse, negotiate orotheMise deal with any marketable security ornegotiable instrument belonging to or in the controlot the financial establishment and give properdascharge tor lhe same;
35
(0 sell, transfer or otherwise realize any movable or
immovable property belonging to or in the controi
of the financial establishment either by public
auction or with the private arrangements;
(g) make payment as per the orders passed by the
Designated Court from out of the bank accounts'
ano
(h) do all and every acis and deeds which would be
necessary for the speedy realisation of the assets
of the financial establishment
Provided that the sales and transfers ot movable
DroDerties should not be done before the Designated
Court has passed made the order of attachment issued
by the Government absolute or has issued a revised
attachment order under Section-S.
(6) The Competent Authority shall make applications trom
time to time to the Designated Courl seeking permission
to make payments to the depositors trom out of the
money realised. While making such applications, the
Competent Authority shall assess the liabality to the
deDositors and the other liabilities and in case the money
realized or realizable is not sufficient to meet the entare
tiability, make a submission to the Designated Court
seeking permission for making part payment to the
depositors and to other credito6 and disburse the
money as per the order of the Designated Court'
Explanation :
Forthe purpose of this section, the expression "tinancial
establishment" includes the directors, promoters,
managers or member of said establishment or any
other person whose property or assets have been
a$ached under section 3.
6. Assessmont of assets and deposit liabilities :
(1) Within thirty days from the date ot his appointment, the
Competent Authority shall assess the deposit liabilities
and the assets ofthe financial establishment and submit
the statement thereof to the Designated Court.
(2) The Competent Authority, thereafter, shall issue notice
either individually or by means of etfective media
publication, inviting the claims by secured creditors, if
any, and also the depositors of the financial
establishment to submit their claims with proper proot
to establish the same.
(3) Every notice under sub section (2) sent to or deemed
to have been sent to claimants shall state that if the
statement or claim is not sent to the Competent
Authority before the expiry of the period of one month
from the date of notice the claims shall not be treated
as claim entitled to be paid under the provision of this
(4) Every notice sent to a secured creditor shall require
him to value the security before the expiry of the period
of one month from the date of the notice and such
37
notice shall also state that rf the statement of the claim
logether with the valuatlon of the security is not sent to
the Competent Authority, the Competent Adhority himself
shall value the security and his valuation shall be binding
on such secured creditors.
(5) lf the claimant fails to comply with the notice as per the
sub section (4), such security shall be valued by the
Competent Authority in his best judgment.
7. Designated Court :
(1) For the purpose of this Act, the Government may, with
the concurrence of the Chief Justice ofthe Patna High,
Court, by notiflcation in the Official Gazette, conslitute
one or more Designated Courts in the cadre of
Subordinate Judge including Assistant sessions Judge
for such area or areas or for such case or ciass or
group of cases, as maybe specified in the notification.
(2) No court, including the court constituted under the
Presidency Towns Insolvency Act, 1909 and the
Provincial Insolvency Act. '1920, other than the
Designated Court, shall have jurisdiction in respect of
any matter to which the provisions of this Act are
invoked.
(3) Any pending case in any other court to which the
provisions of this Act apply shall, on the date ofpublication ot this Act, sland transferred to the
Designated Court.
38
8. Powers of Designatod Court regardingattachment:
(1) Upon receipt of an application under section 5, the
Designated Court shall issue to the Financial
Establishment or to any other person whose property
is attached and vested in the Competent Authority by
the Government under section 4, a notice accompanied
by copy of the application arid of affidavits and the
evidence, if any recorded, calling upon the said
Establishment and the said person to show cause on
a date to be specified in the notice, why the order of
altachment should not be made absolute.
(2) The Designated Court shall also issue such notice to
all other persons represented to it as having or being
likely to claim any Interest or title in the property of the
Financial Establishment of the person to whom the
notice is issued under sub-section (i), calling upon all
such persons to appear on the same date as that
specified in the notice and make objection if they so
desire to the attachment of the property or any portaon
thereof, on the ground that they have interest in such
property of portion thereof.
(3) Any person claiming an interest in the property attached
. or any portion thereof may, notwithstanding that no
notice has been seNed uDon him under this section,
make an objection as aforesaid to the Designated Court
at any time bgfore an order is passed under suGsection
(4) or sub-section (6).
(4)
(5)
The Designated Court shall, if no cause is shown and
no objection is received under sub-section (3), forthwith
pass an order making the order of attachment absolute,
and assue any direction as may be necessary forrealisation ofthe assets attached and for the equitable
distribution among the deposjtors of the money realized
from out of the property attached.
lf cause is shown or any objection is made as aforesaid,
the Designated Court shall proceed to investigate the,
same and in so doing, as regards the examination ofthe parties and in all other respect, the DesignatedCourt shall, subject to the provisions of this Acl, followthe summary procedure as contemplated under order37 of the Civil Procedure Code, 1908 and exercise allthe powers of a court in hearing a suit under the said
Code and any person making on objection shall be
required to adduce evidence to show that at the dateof the attachment he had some interest in the property
attached.
After investigation under suFseclion (5), the Designated
Court shall pass an order either making the order ofattachment passed under sub-section (1) of section 4absolute or varying it by releasing a portion of theproperty from attachment or cancelling the order ofattachment:
tsrovided that the Designated Court shalt not reteasefrom attachment any interest, which it is satisfied thatthe Financlal Establishment or the person relened to in
(6)
40
sub-section (1) has in the property, unless it is also
satisfied that there l.tvill remain under attachment an
amount or property of value not less than the value that
is required for repayment of the deposits ofthe Financial
Establishment.
(7) Where an application is made by any person duly
authorised or constituted or specified by any other State
Govemment under similar enactmenl empowering him
to exercise control over any money or the property
attached by that Government, the Designated Court
shall exercise all its powers as if application is made
underthis Act and pass appropriate orders of directions
on such aDolication.
9. Powe6 of the D€signated court regardingrcalbation or assets and payment to depositoB :
(1) The Designated Court shall have all the powers for
giving eftecl to the provisions of this Act.
(2) Without prejudice to the generality of sub section (1),
the Designated Court may-
(a) give any direction to the Competent Aulhority as it
deems fit, for effective implementation of the
provisions of this Act;
(b) approve the statement of dues of the financial
establishment due from varaous debtors,
assessment of the value of the assets of the
financisl establishment. finalise the list of the
deoositors and their respective dues.
4l
(c)
(d)
(e)
(f)
direct the Competent Authority to take possession
of any assets belonging to or in the control of the
financial establishment and sell, transfer or realise
the attached assets either public auction or by
pravate sale as he deems fit depending upon thenature of assets and credit the sale oroceeds'
thereot to the bank accounts:
approve the necessary expenditure to be incurred
by the Competent Authority lor taking possession
and realisation of the assets of linancialestablishmenti
order for payment to the depositors by the
Competent Authority or order for proportionate
payment to the depositors in the event ofthe money
so realised is not sufficient to meet the entiredeposit liability; and
pass any order which the Designated Couri deemsfit for realisation of the assets of the company and
repayment to the depositors of the financialestablishment or on any matter or issue incidental
thereof.
ExDlanation:
Forthe purpose of this seclion, the expression 'linancial-establishment" includes the directors, promoters,
manage6 or member of said estabiishment or any
other person whose property or assets have been
attached under section 3.
42
10. Attachment of property of malafide transferees:
(1) Where the assets available fol attachment of a Financial
Establishmenlor other oerson referred to in section 4
are found to be less than the amount or value which
such Financial Establishment ls required to re-pay 1o
the depositor and where the Designated Court is
satistied by affidavit or otheMise, that there isreasonable cause for believing that the said Financial
Establishment has transferred (whether after the
commenc€ment 2f this Act or not) any of the property
otherwise than in good faith and for adequate
consideration the Oesignated Court may by notice
require any transferee of such property (whether or not
he received the property directly from the said Financial
Establishment) to appear on a date to be specified in
the notice and show cause why so much of the
transferee's property as is equivalent to the proper value
of the property transferred should not be attached.
(2) Where the said transferee does not appear and show
cause on the specified date, or where after investigation
in the manner provided in sub-section (5) of section 7,
the Designated Court is satisfied that the transfer of
the property to the said transferee was not in good faith
and for adequate consideration, the Designated Court
shall order the attachment of so much of the said
transferee's property as is in the opinion of the
Designated Court equivalent to the proper value of the
property transferred.
43
'l't. Security in lieu of attachment :
Any Financial Establishment or person whose property has
been or is proposed to be attached under this Act may, atany time, apply to the Designated Court for permission togrve securily in lieu of such attachment and where thesecunty offered and given is, in the opinion ot the DesignatedCourt, satisfactory and sufficient, it may cancel the order ofattachment or, as the case may be, retrain from passing anorder of attachment.
Administration of property attached :
(1) The Designated Court may, on the application of anyperscin interested in any property attached and vestedin the Competent Authority, give an opportunity to theperson concerned of being heard and make such orderas the Designated Court considers just and reasonablefor-
(a) Providing from such of the property attached andvested in the Competent Authority as the applicantclaims an interest in, such as may be reasonablynecessary for the majntenance of the applicantand of his family, and tor the expenses connectedwith the defence of the applicant where criminalproceedings have been instituted against him in
the Designaled Court under sectjon 3; and
(b) Safeguarding so far as may be practicable theinterests of any business affected by theattachment, and in particular, the interests of anvpanners in such business.
12.
44
13. Appeal :
('l) An appeal shall lie against the final order passed by theDesignated Court in connection with and relatjon to theattachment before the High Court of lhe area concerned
within 60 days from the date of the final order
(2) Any person convacted on a triat held by the Designated
Court may appeal to the High Court of the area
concerned.
'14. Special Public Prosecutor and Special GovernmentPleade.s :
The Government may, by order appoirit one or moreAdvocates of not having less than 7 years practice as Speclal
Public Prosecutor/Special covernment pleader inconsultation with the District and Sessions Judge of theconcerned District for the purpose of conduction the casesin the Designated Court.
15. Procsdute and powers of designate.d Courtregarding offences :
(1) The Designated Court may, on perusal of the police
report of the facts constituting an offence under thjsAct 01 upon a complaint made by an officer authorized
an this behalf b!, the State Government, take cognizance
of the offence without the accused being committed toit for trial.
45
(2) White tryjng the accused person the Designated Court
shall follow the Drocedure orescribed in the Code of
Criminal Procedure 1973 for the trial of the warrant
cases_
(3) The Designated Court will exercise the power of remand
with regard to person foMarded to it as provided under
Sections 167 and 309 of the Code of Criminal
Procedure, 1973.
(4) The Designated Court, while trying the otfence under
this Act, may also try an offence other than the offence
under this Act with which, the accused may be charged
at the same trial under Code ol Criminal Procedure,
1973.
(5) (a) The offence punishable under this Act shall be
cognizable.
(b) Subject to the provision contained under this Act
the provision with regard to bail as provided under
Chapter n(xlll of the Code of Criminal Procedure
shall apply except the provision of grant of
anticipatory bail as provided under Section 438 of
the Code of Criminal Procedure.
'16. Act to override other laws :
Save as otherwise provided in this Act, the provisions of
this Act shall.have effect not withstanding anything
inconsistent therewith contained in any other law for the
time being in force or any custom or usage.
46
17. Protection of action taken in good faith :
No suit or other proceedings shall lie against the Government
", *J*rn*"" **ority or an oificer or employee of the
;;;;;;' anvthins which is in sood faith done or
intended to be done under this Act
'18. Powei to make rules :
(1) The State Govemment may' by notification in the Ofiicial
Gazette, make rules to carry out the purpose of this
Act.
(2) Every Ru,e made:l'l^'T ffisr:i":; lli;i"";1i1
as may be' after it is maoe'
l-t"t"i"gi"t"tu'"' "'ttile it is in session for a to"lT:',::
otiii'tv i"v"' *n'"n rnay be comprised in one sessron,
;r in two successive sessions' and if' belore the-exPrrY
ii *" """t'on in which it is so laid or the sessron
*t"i'"'"t, following' both Houses agree in making
"", t"O't'""t'"n in the Rules or both Houses agree
that the Rules should not be made' and notify their
decision to that effect in the Otficial Gazette' the rule
"n"'i Uorn tn" date of publication of such decision in
the Ofncial Gazette' have etfect only in such modified
form or be of no effecl' as the case may be' so
however' that any such modification or annulment shall
be without prejudice to rne validity ol anything previously
don€ or omitted to be done under that rule'
47
19, Power to rcmove difilcultiec :
lf any difficulty ads$ in giving effecl to the povisirns of this
Acl, the Govemment may, as occagion arises, by ordgr, do
anything, not inconsistent with the provbions of lhis
Acl, which appears to it to be necessary lo remove lhe
difficulty.
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tl
GOVERNMENT OF BIHAR
DEPARTIUIENT OF INSTITUTIONAL FINANCE &
PROGRAMIE IIIPLEUENTATION
Dated 28.02.2004
No. 365 - In exercise ot the powers conterred by section 18
ol the Bihat Proteclion ol Interests of Depositots (in Financial
Establishm€nts) Act, 2002 (Bihar Act 18 of 2002), the state
Governmeni of Bihar hereby makes the tollowing rules,
namely -1, Short titls - Ertont end Commoncement :
(1) These rules may be called thE Bihar Protection of
lntEresls of Depositors (in Financial Establishments)
Rules, 2004.
(2) lt shall extend to whole of the State of Bihar
(3) lt shall come in torce at once.
2. Definitions :
In these rules, unless the context otherwise requares :
(b) "Competent Authority" means the officer appointed
as the Compeleni Authority by the Govemment under
Section 5(1) ot the Acl.
(c) The "Collecto/' means collector of any district and it
also includes Additional Collector as authorized by
the State Governmeni in this behalf.
(a) "Act" means the Bihar
Depositors (in Financial
(Bihar, Act 18 ot 2002).
Complaints :
The Collector ot a District shall
receive the complaints from any
under sub-section (1) of section
shall torward the same together
Protection of lnterest of
Establishments) Act, 2002
also be competent to
person in his District
4 of lhe Act and he
with his report to the
3.
Governmenl as soon as oossible.
4. Power to bsue order of attachment :
('l) An order of attachment of any establishment to be
issued by the Government under seciion 4 of the
Act shall be issued by an Officer not below the rank
of a Secretary to Governmenl in the Department ofInstitutional Finance and Programme lmplementation-
56
(2) The Competent Authority may, on issue of the order
under sub-rule (1) of Rule 9, require the necessary
assistance of police officer or any ofticer of lhe
government for the purpose of taking possession of
the property in respect of which the attachment order
has been made and on such requisition, it shall be
the duty of slch officer to render the necessary
assistance to the Competent Authority.
5. Examination of Complainant and witnesses :
('l) Upon the publication of the order ot attachment of
money or other property by Government Officer under
sub-rule (1) of rule 4 such officer shall immediately
foMard copies of all the relevant papers and his
report relaling to such attachment order to the
Competent Authority.
(2) The Competent Authority may examine the
complainant and witnesses, if any, and such
examinalion proceedings shall be recorded in writing.
(3) The Competent Authority shall have power to examine
any person or oftice bearer or employees of the
Financial Establishment who, in his opinion, is
competent to give any inlormation about the Financial
Establishment in respect of which the attachment
o.der has been issued bv the Government.
6. Administration of the attached money and
propertles:
UDon the oublication of the attachment order by the
Government and, on the receipt of relevant papers and
other record from the Government, the Competent Authorrty
shall immediately prepare a register, recording detailed
account and description of all the money and properties
attached and vested in him under sub-section (2) of
seclion 4 of the Acl, and shall, as far as may be practicable,
administer the said money and properties in the best
interest of the Depositors and the Financial Establishment'
as he deems fit.
7. Right of Competent Authority to require
information:
(1) The Competent Authority shall have power to call for
or require any information about the Financaal
Establishment or its office bearers including lhe
oromoter, director, partner or manager or members
ot such Financial Establishment or direct any office
or authority of the Government or a local authority or
any other person, to furnish such informat,on as
may be required, and such Financial Establishment
or its office bearer or promoter, director, partner or
manager or members of such Financial Establishment
or office or authority ot the Government or local
(2',)
authority or any other person, shall forth with furnish
such information to the Competent Authority.
Any Financial Establishment/fnstitution intending to
establish an otfice and oDerate in a district in the
State of Bihar shall furnish information in writing to
the .otfice of the District Collector or any officer
authorized by the State Government In this behalf,
about the details ot its activities, areas of operation
and/or business, supported by all necessary papers.
This information shall also include its registration by
the Registrar of Companies of the State concerned
as also about the regislration and the license obtained
from the Reserve Bank of India. Securities and
Exchange Board of India or any other regulatory
authority for the purpose aforesaid with details ot its
office structure and specifi c location/address.
An officer in charge of the police station, when required
by the Competent Authority, shall take all steps,
including inquiry, investigation or survey in respect
of any person, place, property, documents, books of
account etc., of the Financial Establishment or
promoter, director, manager, Officers, seryants or
member oI such Financial Establishment and submit
his report to the Competent Authority.
(3)
8. PoweB of Competent Authotity relating toabsconding person :
Where the Competent Authority is satisfied or has reason
to believe that a person in respect ot whom an ac'tion is
contemDlated under ihe Act, has absconded or is likely
to abscond or is con@aling himself the Competent Authority
shall immediately make a report in writing to the Designated
Court.
9. Power of Competent Authority to soll or dispose
of property :
(1) Where any property attached and vested in the
Competent Authority under the provisions of the Acl
is subject to speedy and natural decay and if it is
expedient to dispose it, the Competent Authority may,
after obtaining permission of the Designated Court,
sell or otherwise dispose of the said property and
shall include the sell proceeds in the account of lhe
Financial Establishment.
(2) The Competent Aulhority shall, afler disposing of the
said property under sub-rule (1) report the same to
the Designated court.
10. Maintenance of the record of money or property
attached:
(1) All money or property attached by the Government
and vested in the Competent Authority under the
provisions of the Act shall be sealed by the Competent
Authority and shall be in the custody ol the Competent
Authority.
(2) The Competent Authority shall maintain the record
of all the income received and the expenditure incurred
on attachment of the property and management and
disposal of the same, and furnish the details of the
same to the Designated Court from time to time
The Competent Authority shall render such assislance
to the Special Public Prosecutor/Special Government
Pleader in conducting lhe cases in the Designated Court
as may be required.
Bv the order and in the name of Govemor of Bihar
sd'/-
(Arbind Prasad)
(Secretary to Govemment)
11.
61
M€mo No. 365
Memo No. 365
'- sd/-(ftbind Prasad)
(E€clddfy b Gor€nment)
Patna, D'at0bd : 2Z.O2.2OM
(Secr€tary to Govemment)
Pah3, Oa$ed : 28.02.2m4
I
It
" : : . Coot 1ot*rd"o to - Chi.f Secretary, Bihar, patna/Dirsc{or
'Generel of Police, Patna/All S€cretary/All Head of ths,D€partmenuAll Dislrlct Magist de/All Supeilntenilent-of Police
for informalion and necassary aclion.
' \V ;e''ooo, (AFind Pmsa4)
62
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