LexThe ARUNACHAL PRADESH PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) ACT, 2017
Arunachal Pradesh · state statute
Open in Lexace · Ask the AI about this act(Received the assent of the Governor on 27th September, 2017)
THE ARUNACHAL PRADESH PROTECTION OF INTERESTS OF
DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) A
CT
,
2017
(ACT NO. 10 OF 2017)
A
n
Act
to protect the deposits made by the public in the Financial Establishment and matters
connected therewith and incidental thereto.
Be it enacted by the Arunachal Pradesh Legislative Assembly in the Sixty eighth Y ear of
the Republic of India as follows:
CHAPTER –I
Short title, extent and commencement :
1.
(1)
This
Act may be called the
Arunachal Pradesh Protection of interest
s of Depositors
(in Financial Establishment) Act, 2017.
(2)
It extends to the whole of
Arunachal Pradesh.
(3)
It shall come into force on the date of it
s publication in the Of
ficial Gazette.
Definition :
2.
In this
Act, unless the context other wise requires.
(a)
“Competent
Authority”
means the Authority appointed by the Government under
section 6.
(b)
“Deposit”
means and shall be deemed always to have included any receipt of
Money or acceptance of any valuable commodity by any Financial Establishment
to be returned after a specified period of time or otherwise, either in cash or in
kind or any form of a specified service with or without any benefit in the form of
interest, bonus, Profit or any other form but does not include :-
(i)
amount raised by way of share capit
al or by way of debenture, bond or any other
instrument covered under the guidelines given and regulations made, by the
Securities and Exchange Board of India, established under the Securities and
Exchange Board of India Act,1992;
(ii)
amount
s contributed as capit
al by p
artners of a firm;
(iii)
amount
s received from a Scheduled Bank or a Co-operative Bank or any other
Banking Company as defined in clause (c) of section 5 of the Banking Regulation
Act, 1949 ;
The Arunachal Pradesh Gazette
EXTRAORDINAR
Y
PUBLISHED BY AUTHORITY
No.415, Vol. XXIV, Naharlagun, Friday, October 6, 2017 Asvina 14, 1939 (Saka)
GOVERNMENT OF ARUNACHAL PRADESH
LAW, LEGISLATIVE AND JUSTICE DEPARTMENT
ARUNACHAL PRADESH CIVIL SECRETARIAT
ITANAGAR
————
NOTIFICATION
The 6th October, 2017
No. Law/Legn-21/2017.—The following Act of the Arunachal Pradesh Legislative Assembly
which was passed in the Eleventh Session of the Sixth Legislative Assembly and received the
assent of the Governor of Arunachal Pradesh is hereby published for general information.
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(iv)
any amount received from :
(a)
the Industrial Development Bank of India.
(b)
a S
t
ate Financial Corporation.
(c)
any financial institution specified in or under section 4
A
of the Comp
anies
Act, 1956 or
(d)
any other institution that may be specified by notification by the Government
in this behalf ; or
(e)
any amount received in the ordinary course of business by way of
(i)
security deposit
(ii)
dealership deposit
(iii)
earnest money
(iv)
advance against order for goods or services
(v)
any amount receive from an individual or a firm or an association of
individuals registered under any enactment relating to money lending
which is for the time being in force in the State of Arunachal Pradesh;
and
(vi)
any amount received by subscription in respect of chit.
Explanation-I :
“Chit” has same meaning as assigned to it in clause (b) of section 2 of Chit Funds Act,
1982;
Explanation-II.
Any credit given by a seller to a buyer on the sale of any property (whether movable or
immovable) shall not be deemed to be deposit for the purpose of this clause;
(c )
“
Financial Establishment” means an individual or an association of individuals or
a firm, or a company registered under the Companies Act, 1956 and carrying on
the business of receiving deposits under any scheme or arrangement or in
another manner and includes the Non Banking Financial Companies (NBFC) as
defined in section 45 I ( c) and (f) of the Reserve Bank of India Act 1934, but
does not include a Corporation or a co-operative society owned or controlled by
any States Government or the Central Government, or a banking company as
defined under section 5 (c) of the Banking Regulation Act, 1949.
(d)
“Depositor” means a person who has made deposit
s with Financial Est
ablishment;
(e)
“Government” means the S
t
ate Government of
Arunachal Pradesh;
(f)
“any other of
ficer authorized by Government in order to carry out the purposes of
this Act” means an officer empowered by the Government, by notification in the
Official Gazette, in order to carry out the purposes of this Act;
(g)
“the Deputy Commissioner” means the Deputy Commissioner of the District;
(h)
“the Superintendent of Police of the District” means the senior most police of
ficer
in-charge of the police District and shall be deemed to have included his sub-
ordinate officers;
(i)
“the Bureau of Investigation ( Economic Of
ficers )” means the Bureau of
investigation (Economic Offences) under the Government of Arunachal Pradesh;
(j)
“Competent Regulatory authority” means and includes Reserve Bank of India
(RBI), Securities and
E
xchange Board of India (SEBI), Insurance Regulatory
and Development Authority (IRDA), Registrar of Companies (RoC), Registrar of
Cooperative Societies, Government of Arunachal Pradesh or any other Authority
empowered by the Central or State Government from time to time by a notification
in the Official Gazette;
(k)
“S
pecial Court” means the Court of District and Session Judge of Competent
Jurisdiction or the Special Court constituted under this Act”.
(l)
“prescribed” means prescribed by rules made under this
Act.
CHAPTER –II
Fraudulent Financial Establishment
3.
Notwithstanding anything contained in any other law for the time being in force,
(i) Where, upon complaint received from a number of depositors that any Financial
Establishment default the return of deposit after maturity or fails to pay interest on deposit
The Arunachal Pradesh Extraordinary Gazette, October 6, 2017
3
or fails to provide the service for which deposit has been made, or any report from the
Deputy Commissioner or an officer not below the rank of Superintendent of Police of the
Bureau of investigation (Economic Offences) of the respective jurisdiction or otherwise,
that any Financial Establishment has-
(a)
received deposits from public by indulging in a fraudulent act; or
(b)
failed to return the deposit after maturity or on demand by depositors; or
(c)
failed in payment of interest on deposit or other assured benefit; or
(d)
failed to provide the service against such deposit; and/or
(ii) 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 make
payment of interest 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 by
publishing it in the Official Gazette, 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 person from and out of the deposits collected by the Financial Establishment, or if it
is 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 or member of the said Financial Establishment, or
a person who has borrowed money from the Financial Establishment to the extent of his
default or such other properties of that person in whose name the properties where purchased
from and out of the deposit collected by the Financial Establishment, as the Government
may think fit, transfer the control over the said money or property to the competent authority.
Explanation-I
:- For the purposes of clause (i) any Financial Establishment receiving deposits
from public in violation of any law for the time being in force or without valid registration/
license/permission from a competent Regulatory Authority or which dresses, Camouflages
its deposit taking in the form of any other business or activity shall be deemed to be indulging
in fraudulent act.
E
xplanation-2
:- the expression “Government” for the purpose of this section shall mean
and include the Finance Department of the Government of Arunachal Pradesh”.
4.
Authority to receive complaint and cause enquiry and investigation :
(1) Notwithstanding anything contained in section 3, any person or public in general
aggrieved against any Financial Establishment receiving deposits from Public may file a
complaint in writing specifically mentioning the nature of allegations against the Financial
Establishment before :-
(i)
the Deputy Commissioner or any of
ficer not below the rank of the Superintendent
of police of the Bureau of Investigation (Economic Offences) of the respective
Jurisdiction, who shall be competent to receive the complaint and cause enquiry
and or Investigation of the complaints so received in respect of any fraudulent act
as referred to under sub- section (i) of section 3.
(ii)
An officer not below the rank of Circle Officer of the concerned Revenue Circle,
the Superintendent of Police of the District or the Officer-in-Charge of the Police
station concerned, as the case may be shall forward the compliant to the Deputy
Commissioner of the District within seven days of the receipt of the complaint.
(2)
Notwithst
anding anything cont
ained in section 3 and clause (ii) of sub-section (1)
of this section, the Circle Officer of the Revenue Circle or the Superintendent of police of
the District or the Officer-in-Charge of the police station within their respective Jurisdiction,
may suo-moto file a complaint with the Deputy Commissioner against any Financial
Establishment which according to information received by him has committed any one or
more of the acts mentioned under sub-section (i) of section 3.
(3) On receipt of the complaints, the Deputy Commissioner may make such further
enquiry/enquiries as may be necessary within his jurisdiction or outside his jurisdiction with
the assistance of the District Administration of the concerned District for the purpose of arriving
at a conclusion with respect to the complaint made against the Financial Establishment.
(4) In making such enquiries, the Deputy Commissioner may take necessary assistance
of an officer sub-ordinate to him for the purpose of preparation of the enquiry report.
(5) the Deputy commissioner or an officer not below the rank of Superintendent of
Police of the Bureau of Investigation (Economic Offences) shall forward his report together
with the complaint to the Government in all cases within 90 (ninety ) days from the date of
receipt of the complaint.
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(6) Notwithstanding anything contained in sections 3 and 4, the Deputy Commissioner
of the concerned District, on receipt of information against any Financial Establishment as
regard commission of any fraudulent activities as mentioned in clause (i) of section 3, may
suo-moto, cause an enquiry and/ or investigation of such fraudulent activities and submit a
report to the Government for necessary action.
(7) Notwithstanding anything contained in sections 3 and 4, the Government may suo-
moto or on receipt of any complaint under clause (i) of section 3 may cause enquiry and/or
investigation into the complaint by the Deputy Commissioner of the concerned District or
cause enquiry and/or investigation into the complaint or fraudulent transaction referred to
in sub-section (i) of section 3 through the Bureau of investigation (Economic Offences) or
through any other investigation Agency.
Offences to be cognizable and non-bailable :
5. .Any offence committed under this Act shall be cognizable and non-bailable within the
meaning of the code of Criminal procedure, 1973.
6.
Competent Authority :
(1) The Government may
,
by
notification, appoint an authority hereinafter called “the
Competent Authority” to exercise control over the properties attached by the Government
under Section 3.
(2) The competent authority shall have such other powers as may be necessary for
carrying out the purpose of this Act.
(3) Upon receipt of the order of the Government under section 3, the competent authority
shall
apply within 15 days to the Designated Court constituted under this Act for making
the ad
-interim order of attachment absolute and for a direction to sell the property so attached
by public auction and realize the sale proceeds. For the purpose of crediting and dealing with
the money realized by Competent Authority he shall open an account in any Scheduled Bank.
(4)
An application under sub-section (3) shall be accomp
anied by one or more af
fidavit
s,
stating the grounds on which the belief that the Financial Establishment has committed any
default or is likely to defraud, is established, the amount of money or value of other property
believed to have been procured by means of the deposit, and the details if any of persons
in whose name such property is believed have been invested or purchased to out of the
deposits or any other property attached under section 3.
CHAPTER –III
Punishment for default in repayment of deposit and interest
7. Notwithstanding anything contained in Chapter II, any Financial establishment which,-
(i)
default
s in rep
ayment of deposit on maturity along with any benefit in the form of
interest bonus, profit or in any other form as promised; or
(ii)
fails to render service as assured, against the deposit; or
(iii)
is found indulging in a fraudulent act during business operation, every person including
the promoter partner, director, manager or any other person or an employee
responsible for the management or conduct of the business or affairs of such
Financial Establishment or any person abetting the commission of such acts by the
Financial Establishment shall, on conviction, be punished with imprisonment for a
term which may extend to ten years and with fine which may extend to five lakh
rupees and such Financial Establishment shall also be liable for a fine which may
extend to five lakh rupees.;
Provided that in the absence of special and adequate reasons recorded in the judgment
of the Court, the imprisonment shall not be less than 5 years and the fine shall not be less
than two lakh rupees.
Explanation-I
: For the purposes of this section, a Financial Establishment shall be deemed
to have committed a default fraudulently or failed to render specific service fraudulently, if it,-
(i)
Commit
s default in rep
ayment of such deposit with such benefit in the form of interest,
bonus, profit or in any other form as promised or fails to render any specified
service promised against such deposit; or
(ii)
fails to render any specific service agreed against the deposit with an intention of
causing wrongful gain to one person or wrongful loss to another person; or
(iii)
commit
s such default
s due to it
s inability arising out of impracticable or 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 in recovery of the same when needed; or
The Arunachal Pradesh Extraordinary Gazette, October 6, 2017
5
(iv)
commits a fraudulent act as mentioned in Explanation 1, of section 3;
Explanation-II:-
For the purpose of this section any financial Establishment shall be deemed
to be indulging in fraudulent act, if it receives deposits from the public in the manner as
mentioned in explanation 1 of section 3.
Mandatory disclosure and punishment for non-compliance :
8. (1) (a) Before starting operation in the State of Arunachal Pradesh, every Financial
Establishment shall intimate the Deputy Commissioner of the District about the details of its
business under his local jurisdiction indicating, with supporting documents, the registration/
permission/sanctions obtained from the authorities like the Securities and Exchange Board
of India (SEBI) or the Reserve Bank of India (RBI) or any other Competent Regulatory
authority of Central or State Government required under the relevant law for the time being
in force in such form and in such manner, as may be prescribed by the State Government
and obtain No objection certificate thereto.
(b)
While giving his No Objection Certificate under clause (a) of sub-section (1), the
Deputy Commissioner, inter alia, shall satisfy himself on the adequacy of the capital base of
the Financial Establishment, its business model and sustainability of its business. For the
purpose of satisfying himself regarding capital adequacy of the Financial Establishment, the
Deputy Commissioner may call for any other document which he, in his judgment, considers
necessary for arriving at an objective conclusion.
(c)
Before giving his No-Objection Certificate under clause (a) of sub-section (1), the
Deputy Commissioner shall collect a report from the Superintendent of Police having
jurisdiction for this purpose. The Superintendent of Police shall cause such enquiries/
verifications of the Financial Establishment and the persons associated with it in order to
ascertain their genuineness or otherwise, previous criminal conduct or acts, if any, and
parameters relevant thereto as per existing laws.
(2)
Before st
arting operation in
Arunachal Pradesh, every Financial Est
ablishment
including those operating on-line through internet or any other electronic/print media or any
other means, shall obtain a trade license from the competent Local Body/Authority under
whose local jurisdiction the establishment intends to conduct its business operations and no
Local Body/Authority shall issue such trade license to the Financial Establishment without
receipt of the No Objection Certificate as per sub-section (1) from the Deputy Commissioner
of that particular District within which the Local Authority is empowered.
(3)
In case of any existing Financial Est
ablishment as on the date of enactment of this
Act, the details mentioned in clause (a) of sub-section (1) shall be intimated to the Deputy
Commissioner of the concerned District where the Financial Establishment has been
performing its business operation within 30 days of the commencement of this Act and the
requirements under clause (b) of sub- sections (1) and (2) shall be complied with.
(4)
Every Financial Est
ablishment shall file a monthly st
atement about it
s business
transaction in that local area in such form and in such manner, as may be prescribed to the
Deputy Commissioner of the District under whose local jurisdiction the Financial Establishment
is conducting its business operations along with a copy of the periodical statement which is
filed to the SEBI or, as the case may be, RBI or any other competent Regulatory Authority of
Central or State Government .
(5)
The Deputy Commissioner of the District under whose local jurisdiction of Financial
Establishment is conducting its business operations or any other officer authorized by the
Government may, at any time, direct any Financial Establishment carrying on business in the
area of jurisdiction of the Competent Authority to furnish in such form, such information relating
to or connected with the deposits received by it, as may be specified in a general or a special
order.
(6)
The Deputy Commissioner of the District under whose local jurisdiction the Financial
Establishment is conducting its business operations or any other officer authorized by the
Deputy Commissioner on his behalf or any other officer authorized by the Government in
order to carry out the purposes of this Act shall have power to visit the office premises or
other places of any Financial Establishment operating in the State to check the books of
account and other documents to ensure that the business of deposit taking is being conducted
as per relevant law with permission or sanction of the authority empowered by that law or that
such business is not dressed in any form for misleading or cheating the depositors.
(7)
The Deputy Commissioner of the District under whose local jurisdiction the Financial
Establishment is conducting its business operations or any other officer authorized by the
Deputy Commissioner on his behalf or any other officer authorized by the Government in
order to carry out the purposes of this Act shall have power to enter and search any premise
where they have the reason to believe that any register, book, record, paper, application,
information in electronic storage and retrieval device or medium, instrument or proceedings
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The Arunachal Pradesh Extraordinary Gazette, October 6, 2017
are kept and to inspect them and to take such notes and extracts as they may deem
necessary. Every person having in his custody or maintaining such register, book, record,
paper, application, or information, or instrument, or proceding shall permit the Competent
Authority or any other officer authorized by the Government to inspect them and to take
notes and extracts as they may deem necessary and if necessary seize and impound
them;
Provided that no residential accommodation (not being a place of business -cum-
residence) shall be so entered and searched except on the authority of a search warrant
issued by a Magistrate having jurisdiction over the area, and all searches under this section,
so far as may be, made in accordance with the provisions of the Code of the Criminal
Procedure, 1973.
(8) For failure to furnish the information or statement under sub-sections (1), (2), or (3)
or furnishing a wrong or misleading statement, or refusal to produce or permit inspection of
records/documents, etc, as required under sub-sections (6) and (7), the Deputy Commissioner
of the District under whose local jurisdiction the Financial Establishment is conducting its
business operations, if satisfied, may after giving reasonable opportunity to the Financial
Establishment in accordance with law, impose a fine of rupees one lakh for every such
default to be deposited within a period of one month.
(9) In order to prevent continuation of such fraudulent act or default or non-cooperation
at the time of inspection with reference to the foregoing provisions or on detection by the
inspecting officer that such business is not being conducted as per relevant law with permission
or sanction of the authority empowered by that law or such business is dressed in any form
for misleading or cheating the depositors, the Government, based on the report of the Deputy
Commissioner of the District may, pass such interim order as if may consider appropriate to
restrain that establishment from operating in that area, freeze the bank accounts and restrain
it from sale, transfer or alter any moveable or immoveable property of that establishment
pending confirmation by the Competent Court after making an application by the Competent
Authority under sub- section (3) of section 6.
(10) The fine money imposed under sub-section (8) if not paid within the time fixed in
the order may be recovered as an arrear of land revenue.
(11) Any Financial Establishment, aggrieved by the order of the Government, may file
appeal before the Competent Court while hearing the application made by the Competent
Authority under sub-section(3) of section 6 of this Act. Such appeal filed by the aggrieved
Financial Establishment shall be heard by Competent Court under sub-section (3) of the
section 6 of this Act while deciding the matter of interim order of attachment made by
Government under sections 3 and sub-section (9) of section 8 of this Act.
CHAPTER –IV
Competent Court :
9. (1) No Court, other than the Court of District and Sessions Judge of Competent
Jurisdiction or the Special Court constituted under this Act shall have jurisdiction in respect of
any matter to which the provisions of this Act apply.
(2) For the purpose of speedy disposal of cases under this Act, the Government may,
with the concurrence of the Chief Justice of the Gauhati High Court, by notification, constitute
one or more Special Courts consisting of a single Judge not below the rank of a District and
Sessions Judge or Additional District and Sessions judge for such area or areas or for such
class or classes of cases as may be specified in the notification.
(3) While trying cases by the Special Court under this Act, it shall exercise the powers,
functions and jurisdiction as are available to a District and Sessions Judge of the competent
jurisdiction.
(4) Any pending case in any other Court to which the provisions of this Act apply, shall
stand transferred to the court of District and Sessions Judge of Competent Jurisdiction or the
Special Court constituted under this Act.
(5) The District and Sessions judge of Competent Jurisdiction or the Special Court
constituted under this Act on application by the Competent Authority shall pass such order or
issue such direction as may be necessary for the equitable distribution among the depositors
of the money realized from and out of the property attached.
Powers of the Court :
10.(1) Upon receipt of an application under section 6 the District and Sessions Judge of
Competent Jurisdiction or the special Court constituted under this Act shall issue to the
Financial Establishment or to any other person whose property is attached by the Government
under section 3, a notice accompanied by an application and affidavit and the evidence, if
any, recorded, calling upon him to show cause on a date to be specified in the notice as to
why the order of attachment should not be made absolute
.
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7
(2)
The Court of District and Sessions Judge of Competent Jurisdiction or the Special
Court constituted under this Act shall also issue such Notice to all other persons representing
it as having or being likely to claim any interest or title in the property of the Financial
Establishment or person to whom the notice is issued calling upon such person to appear
on the same date specified in the notice and make objection if he so desires to attachment of
the property or any portion thereof on the ground that he has an interest in such property or
portion thereof.
(3) Any person claiming an interest in the property attached or any portion thereof may,
notwithstanding that no notice has been served upon him under this section, make an objection
as aforesaid to the Court of District and Sessions Judge of Competent Jurisdiction or the
Special Court constituted under this Act at any time before an order is passed under sub-
section (4) or sub -section (6).
(4) If no cause is shown and no objections are made on or before the specified date the
Court of District and Sessions Judge of Competent Jurisdiction or the special Court constituted
under this Act shall forthwith pass an order making the ad-interim order of attachment
absolute.
(5) If cause is shown or any objection is made as aforesaid the Court of District and
Sessions Judge of competent Jurisdiction or the Special Court constituted under this Act
shall proceed to investigate the same and in so doing, as regards the examination of the
parties and in all other respects, the Court of District and Sessions Judge of Competent
Jurisdiction or the Special Court constituted under this Act shall, subject to the provisions of
this Act, follow the procedure and exercise all the powers of a Court in hearing a suit under
the Code of Civil procedure, 1908 and any person making an objection shall be required to
adduce evidence to show that on the date of attachment he had some interest in the property
attached.
(6) After investigation under sub-section (5), the District and Sessions Judge or the
Special Court shall pass an order making the ad- interim order of attachment absolute or
varying it by releasing a portion of the property from attachment or cancelling the ad-interim
order of attachment.
Provided that the Court of District and Sessions Judge of Competent Jurisdiction or the
Special Court constituted under this Act shall not release from attachment , any interest,
which it is satisfied that the Financial Establishment or the person referred to in the Sub-
section (1) has in the property unless it is also satisfied that it will remain under attachment
an amount or property of value not less than the value that is required for repayment to the
depositors of such Financial Establishment.
Provided further that, the Designated Court shall on an application by the Competent
Authority pass such order or issue such directions as may be necessary for the equitable
distribution among the depositors of the money attached or realized out of the sale and in
case the money realized from the sale of property is not enough to cover the shortfall, the
Designated Court may impose fine on every person or an employee responsible for the
management of or conducting of business of affairs of such Financial Establishment to cover
the shortfall as may be necessary for the purpose of repayment to the depositors.
(7)
Notwithst
anding anything cont
ained in section 438 of the Code of Criminal Procedure
Code, 1973 (Central Act 2 of 1974), no Court shall grant anticipatory bail to any person under
this Act.
A
ttachment of properties of malafide transferees :
11. (1) Where the assets available for attachment of a Financial Establishment or other
person referred to in section 3 are found to be less than the amount or value which the
Financial Establishment is required to repay to the depositors and where the Court of
District and Sessions Judge of Competent Jurisdiction or the Special Court constituted
under this Act is satisfied by affidavit or otherwise that the said Financial Establishment has
transferred (whether after the commencement of this Act or not ) any of the property otherwise
than in good faith and for consideration the Court of District and Sessions Judge of Competent
Jurisdiction or the Special Court constituted under this Act may, by notice, require any
transferee of such property (whether or not he received the properly directly from the said
Financial Establishment) to appear on 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
so 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 section10, and the
Court of District and Sessions Judge of Competent Jurisdiction or the Special Court constituted
under this Act is satisfied that the transfer of the property to the said transferee was not in
good faith and for consideration, the Court of District and Sessions Judge of Competent
Jurisdiction or the Special Court constituted under this Act shall order the attachment of so
much of the said transferee’s property as is in the opinion of the Court of District and Sessions
Judge of Competent Jurisdiction or the Special Court constituted under this Act is equivalent
to the proper value of the property transferred.
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The Arunachal Pradesh Extraordinary Gazette, October 6, 2017
Se
curity in lieu of attachment :
12. Any Financial Establishment or person whose property has been or is about to be
attached under this Act, may, at any time, apply to the District and Sessions Judge of
Competent jurisdiction or the Special Court constituted under this Act for permission to give
security in lieu of such attachment and where the security offered and given is in the opinion
of the Court, of District and Sessions Judge of Competent jurisdiction or the Special Court
constituted under this Act satisfactory and sufficient, it may cancel the ad-interim order of
attachment or as the case may be, refrain from passing the order of attachment.
Administration of property attached :
13. The Court of District and Sessions Judge of Competent Jurisdiction or the Special
Court constituted under this Act may on the application of any person interested in any property,
attached under this Act and after giving the competent authority an opportunity of being heard,
make such orders as the District and Sessions Judge of competent Jurisdiction or the special
Court constituted under this Act considers just and reaonable for providing of such property
attached as the applicant claims an interest in, such sums, as may be reasonably necessary
for the maintenance of the applicant and his family and for expenses connected with the
defense of the applicant where criminal proceedings have been instituted against him in the
Court of District and Sessions Judge of Competent Jurisdiction or the Special Court.
Appeal :
14. Any person including the competent authority, if aggrieved by an order of the Court
of District and Session Judge of Competent Jurisdiction or the Special Court constituted
under this Act, may appeal to the High Court within thirty days from the date of the order.
Special Public Prosecutor :
15. Government shall by notification, appoint an Advocate having not less than 7
years; standing as a Special Public Prosecutor for the purpose of conducting the cases
falling under this Act in the Court of District and Session Judge or Special Court.
Procedure and powers of the Court of District and Sessions Judge regarding offences
:
16. (1) The Court of District and Session Judge of Competent Jurisdiction or the Special
Court constituted under this Act may take cognizance of the offence without the accused
being committed to it for trial and in trying the accused person shall follow the Code of
Criminal Procedure 1973 for the trial of warrant cases by Magistrates.
(2)
The provisions of the Code of Criminal procedure, 1973 shall apply to the
proceedings under this Act.
CHAPTER –V
Act to override other laws :
17.
Notwithstanding anything to the contrary contained in any other law for the time
being in force enacted by the State Legislature and the Rules framed thereunder, the provisions
of this Act shall have overriding effect.
Protection of action taken in good faith :
18. No suit or other proceeding shall lie against the Government or the authorized officer
or Competent Authority or an officer or employee of the Government for anything, which is in
good faith done or intended to be done under this Act.
Power to remove difficulties :
19. If difficulty arises in giving effect to any provisions of this Act, the Government may,
by an order, do anything not inconsistent with the Provisions of this Act, which appears to it to
be necessary to remove such difficulty.
Powers to make rules :
20. (1) The Government may make rules for carrying out the provisions of this Act.
(2)
All rules made by the S
t
ate Government under this
Act shall, as soon as may be
after they are made, be laid before the State Legislative Assembly while it is in Session, for
a total period of not less than fourteen days which may be comprised in one session or two
or more successive sessions, and shall unless some later date is appointed, take effect
from the date of their publication in the official Gazette subject to such modification or
annulments as the Legislative Assembly may, during the said period agree to make so
however, that any such modification or the annulment shall be without prejudice to the validity
of anything previously done thereunder.
G . S. Meena, IAS
Secretary to the
Government of Arunachal Pradesh,
Itanagar
.
Published and printed by Directorate of Printing, Naharlagun — 658/2017-DoP-250+Secy.LA-50+Secy. Home-100+Secy.
Law & Judicial-100-10 -2017.
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