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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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