DISCLAIMER: This document is being furnished to you for your information by PRS Legislative Research (PRS). The contents of this document have been obtained from sources PRS believes to be reliable. These contents have not been independently verified, and PRS makes no representation or warranty as to the accuracy, completeness or correctness. In some cases the Principal Act and/or Amendment Act may not be available. Principal Acts may or may not include subsequent amendments. For authoritative text, please contact the relevant state department concerned or refer to the latest government publication or the gazette notification. Any person using this material should take their own professional and legal advice before acting on any information contained in this document. PRS or any persons connected with it do not accept any liability arising from the use of this document. PRS or any persons connected with it shall not be in any way responsible for any loss, damage, or distress to any person on account of any action taken or not taken on the basis of this document. The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997
Act 44 of 1997
Keyword(s):
Competent Authority, Deposit, Financial Establishment
Amendments appended: 24 of 1999, 30 of 2003, 9 of 2004, 18 of 2008
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TAMJL NADU G'I>VERh MENT GAZETTE .EXTRAORDINARY I - z - ? - - . - = - m - - *
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The following Act of the Tamil Nadu Legislative Assembly received the assent of the President on the :'th August 1997 and is hereby published for general information:-
ACT No. 44 OF 1997.
An Act to protect the deposits made by the public in the Financial Establish- nents and matters relating thereto.
RE it enacted by the Legislatfyre Assembly of the State of Tamil Nadu in the Forty-eighth Year of the Republic of India as follows :-
CHAPTER I. - 1. L ) Thi: Act may be called the: Tamil Nadu Protection of Interests s'h-C and
of Dep~sitors (in Financial Establishments) Act, 1997. commencement.
(2) It sl?all come into force at once.
2. In this Act, unless the context otJerwise requires:-
(1) 'Con~petent authoi-ity' means the authority ~lppointed under qectioa d.
(2) 'deposit' means I he deposit of a sum of money made with a Financial Establishment for a fixed period for interest or return in ally kind;
(3) 'Finatlcial Establislment' means an individual, an association of indivi- duals or a firm carrying on the business of receivir~g deposits under any scheme
~ c t 1 of or arrangement or in any oth1:r manner but does not include a company re- I%. &tored under the Companies 4ct, 1956 or a corporation or a co-operative society
W ' A ~ x owned or controlled by any Staie Government or the Central Government, or a ban- 11949. !dng compa~ly as defined under section 5(c) crf the Banking Regulation Act,
b l AC: 1949 or a non-banking financ a1 company as defined in clause (f) of section 45-1 MM. of the Reserve Bank of India Act, 1934.
(4) 'Government' mea.1 ihe State Government.
CHAPTER 11.
3. PJbtwithstanding anything contained in any other law for the time being Attachment in force :- of-
dm on da
fault of return
of deposits.
(i) where ,upon complaints received from a number of depositors, that any Finplcial Establish~nent defaults the return of deposits. after maturity, or
(ii) where the Goverllment have reason to believe that any Financial @?ahli'i,-~~i~: i ~cting in a c ilculated manner with an intention to defraud the dc:m\itor \.
and if the Government are satisfied that such Financial Establishment is not likely to return the deposits, tho Government may, in order to protect the i.- :rests of the depositors of such Financial Establishment, pass an ad-LAL-rim order attaeh- ing the money or other property alleged to have been procured either iq the name of the Financial Establishment or in the pame of any other person from and out of the deposits collected by the Financial Establishment, or if it transpires that such money ! or other property is not available for attachment or dot sufBcient for repayment of a e , deposits, such other pro erty of the said Finanoial Establishment or 'the promoter, f aanager or member of t e said Financial Establishment, as the Government may think fit and transfer the control over the add money or property to the Competent
authority.
4. (1) The Government may, by notification, appoint 8x1 authorit b !pMn- Competent
after called "the Competent authority* to exercise control over the pro@ attached authority.
/ by the Govern~nent under section 3.
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"A24 'JhIhJJ, Vdbj~tJ ( / J ~ I , P ~ w i ~ ! ' . h f l l qhAX2*: -? ---- - -.--- - - -.. ---..,",-.- . .. ------ .- - ..----
(2) The Competent authority shall have sr~ch other powers ,.s may be necessary for carrying out the pcrposes of this Act.
(3) Upon receipt of the orders of the Govern1 lent I I I I L ~ ~ . bect~on 3, the Competent authority shall apply within fifteen days to the special court constitulod under this Act for making the ad-interim order of attachment absolute.
(4) An application under sub section (3) shall be accompanied by one or more allidavits, stating the g ro~nds on which the belief that the Financial Establish- ment has committed any d:fault or is likely to defraud, is founded, 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 to have been invested or purchased out of the deposits or any other property attached
under section 3.
C H W E R UL
5. Notwithstandmf anything o o n W m Cha 3ter 11. where b3y P~narlrvll b+w. &&u;~ G, J~L ,I. of fbc depobi- (1- & iauk ti?, p;'yp.xy- -'
4
on aepos~t, c:*JW ;erson .-trnonsrbie :or -ae ,;ovag- zi*' ~~ w c i a l Establishment shall be punished with imprisotment ;or a tern *vhlch may
the extend to ten years and with fine which may extend to on,- lakh of mpees and such
omdtment.. Financial Establishment is also liable for fine which may ex tend to one lakh of rupees.
->.r
CHAPTER IV.
Cowt. 6. (1) For the purposes of this Act, the Government may, with thc concurrence
of the Chief Justice of 'the High Court, by notification, c onsti tc te a Specin l Court in
the cadre of a District and Sessions Judge.
(2) No Court including the Court constitut -d unde Towns Insolvency Act, 1909 and the Provincial Insolve~~cy Act, 1920, 0t11ir than the 'a1 Court shall have jurisdiction in respect of an;. rctter tnnl-:t 1; tl I ~ii \ isioi~s o tlus Act apply.
(3) Any pending case in any other court to wh~ch the yrovisiont of this Act apply shall stand transferred tc the Special Court.
(4) The Special Court shall, on an applicatio I by r l .; con:pctc~~t authority, ass such order or issue such direction as may be necc ssary lor the ctluiialle distri- fution among the drposito- 3 of the money realised iron out of the property Macbed.
Powem of ' 7. (1) Upon receipt of an application under sectim 4, the Special Coult shall
Special ' issue to the Financial Establishment or to any other pert,on whose property is attached Co~m by the Government under section 3, a notice accompanietl by the applicption and affida- m vits and of the evidence, if any, reccorded, calling upor, him to show cause on a date
attachment. to be spifkd in the noti= why the order of attachmenl should rot bc made absolute.
(2) The Special Court shall also issue such no ice, to all other persons repn- sented to it as having or being likely to claim, any int8:rest or title in the property of the Financial Es~ablishment or the person to whom the notice is issued calling ul Jn such person to appear on the same date as that specifed in the notice and make ob- jection if he so desires to the attachment of the property or any portion thereof on the I ground that he has an interest in such property 3r portion thereof.
(3) Any person claiming an interestin the property attached or any portion thereof may, notwithstanding that no notice has been served section, make an objection as aforesaid to the Specid Court a order is passed under sub-section (4) or sllb-section (6).
(4) If no cause is shown and no objections are made on or before the specified
. - date, the Special Court shall forthwith pass an order making the ad-interim order .. , of attachment absolute, IS"
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TAMIL NADU GOVERNMENT GAZE1 TE EXTRAORDlNARY - 3 --- LTI-
225 '
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(5) If cause is shown or any objection is made as aforesaid the Special Court shall proceed to investigate the same, and in so during, as regards the examina- I : tions of the parties and in all other respkcts, the Special Court shall, subject to the provisions of this ~ c t , follow the procedure and exercise all the powers of a Court in
Qntral Act V hearing a suit under the Code of Civil Procedure, 1908 and any person making an
of 1908. objection shall be required to adduce evidence to show that at the date of the attachment he had some interest in the property attached.
(6) After investigation under sub-section (9, the Special Court shall pass an order making the ad-interim order of attachment absolute or varying it by releasing a portion of the propety from attachment or cancelling the ad-interim order ofattachment:
Provided that the Spec~al Court shall not release from attachment any interest which it is satisfied that the Financial Establishment or the person referred to in sub- section (1) has in the property unless it is'also satisfied that there will remain under attachment an amount or property of value not less than the value that is requiredI
for re-payment to the depositors to of such Financial Establishment.
8. (1) Where the assetts available for attachment of a Finaxdal Establishment AttaChment of or other person referred to in $ection 3 are found to be less than the amount or value property of which such Financial Establishment is required to repay to the depositors and where +he Special Cmrt is satisfied by affidavit or otherwise that there is reasonable cause
for believlng that the said 12inancial Establishment has transferred (whether after the commencement of this Act or not) any of the property otherwise than ingood faith and for consideration the Special Court may, by notice, require any transferee of such propertjr (whether or not he received the property directly from the said Fi- nancial Establishment) to appear on a date tb be spkcifie:d in the notice and shollt'cause why so much of the transferee's property as is equiva11:nt to the proper value of 'the property transferred should not be attached.
(2) Vhere the said transferee does not appear and show cause on the speci- fied date, or where after investiganon in'the nianner 'provided in $a8 section (5) of section 7, the Special Court is satisfied that the transfer of the property to the said transferee was not in good faith and for cowideration the Special Court shall or order the attachmer.t of so much of the said transferee's property as is in the 0piLiOn of the Special Court equivalent to the proper value of the property transfered.
9. ~ n y Financial Establishment or whose property has been or isabout security in to be attached under this ~ c t may, at anytime, apply to the Special COW for pt!ritIiSSibn lieu of to give security in lieu of such attachment and where the secruity offered and giyn'is in attachment. theopinion of the Special Colirt, satisfactozy, and sufficient it may ca~cel, thkad-ltiterim order of attachment or, as the case May bb refrain from passing the order of attach- ment.
10. The Special Court may, on the application of ally person interested in Administration any property attached under this Act, and after giving the Competent authority of property an opportunity of being heard, make such orders a5 the Special Court con9iders just attachedc
and reasonable for-
(a) providing from such of the property attached as the applicant claims an interest in such sums as may be resonably necessary for the maintenance of the amh- cant and of his family, and for expenses connected with the defence of the applicant where criminal proceedings have been instituted against him in the Special Court under section5;
(b) safeguarding so far as may be practicable the interest of any b e e s s affected by the atachment and particualr in the interest of any partners in such busmess.
11. Any person including the competent authority, if aggrieved by an order of the Appeal*
Special Court may appeal to the High Court within thirty days from the date of order. -
IV-2 4. (411&--10
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C
3 TAMlL NADU GOVERNMBNT GAZETTE EXTRAORDINARY --- -4 -- ------- - -- rl 12. Government shall, by notification appoint an Advocate of not Flit prose- less than ten years standing as a Special for the purpose public Prosecutor of conducting the or. cases in the Special Court.
dure 13. (1) The Special Court may take cognizance of the offence without Central~ct
I powen of the accuse king committed to it for trial and in trying the accused pel-son, shall,foliow 2 of 1974.
ma1 Court the procedure prescribed in the Code of Criminal Procedure, 1973 for the trial of warrant
, d n g cases by Magistrates.
fences.
(2) The provisions of tqe Code of Criminal Procedure, 197 3 shall, so far as Central Act 2
may be, apply to the proceedings before a Special Court and for the purpose of the of 1974.
said provisions a Special Court shali be deemed to be a Magistrate.
C:-IAPTER V.
,ver 14. Save as otherwise provided in this Act, the provisiok~s of this ~ c t shall have
s other lawa. effect notwithstanding anything consistent therewith contained in any other law for the time being in force or any custom or usage or any instrument havi-lg effect by virute of any such law.
er to make. 15. (1) The Government may make rules for carrying out the provisions of ies. this Act.
(2) (a) All d e s made under this ~ c t shall be published in the Tamil Nadu
I Government Gazette and unless they are expressed to come into force on a particular I day, shall come into force on the day on which they are so published.
(b) All notifications issued unaer this ~ c t shall, unless they are expressed to come into force on a particular day, shall come into force on the day on which they are published.
(3) Every rule made or notification issued under this Act, shall, as soon as possible after it is made or issued be placed on the table of the Legislative Assembly, and if before the expiry of the session in which it is so placed or the next session, the Legislative Assembly agrees in making any modification in any such rule or notification or the Legislative Assembly agms that the rule or notification should not be made or issued the rule or notification shall, thereafter have effect only in such notified from or be or no effect as the case may be so, however, that any such modifi- cation or annulment shall be without prejudice to the validity of anything previously done under that rule or notification.
(By order of the Governor.)
A.K. RAJAN,
Secretary to Government, Law Departmsnt.
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PRINTED PWC*HED BY THB DE1OTOB OF S'I'ATICPU'ERY AND PRINTING ON OF THE GOMItNMNT OF TA?&IL NADU.
5
- ---- - - - - . . -. - - - - -- -- . - ---- -- - ----- - - - The following Act of the Tantl Nldu Lsgislative Assembly received the assent of tha a3vernx on tila 17 t h June 1999 and is hareby plblishsd for gcnoral information s- ACT No, 24 OF 1999
AR Act to amznd the Tamil Nuclu Profectiolz of Intemts of Dzpositors (in Financial &stdblisktnetrts) Act, (997.
BE it enacted by the Lsgislative Assembly of th* State of Tamil Nadu in the Fiftieth Yaar of the Republic of India as follows:-
1 . (1 ) This Act map bs caIIed the Tamil Nadu Protection of Interests of Short titla and
Depositors (in Financial Establishments) Amendment Act, 1999, COmmoncomene,
(2) Xt shall come into form at once.
2. In section 4 of the Tamil N ~ d u Protection of lnterests of Dapositors (in Amendment of
Finztlcial Estalrlishm3nts) Act, 1997 (hereinafter referred to as the principal Act), scction 4. 44 of in sub-seation (3), for the expression "fifteen days", the expression "thirty days"
sizall be substituterd.
3. In section 12 of the principal Act, for the expression "appoint an Advo* Ameadmant oQ ' of not less than ten yisars standing as a Sp"ia1 Public Prosocutar", the expression sootiaa 32.
"ap oint one or mmo Advocdes of not less than ten )ears standing as Special
~ubgc Prorecutors" shall be substituted.
. (By order bt the Gorernor.)j v. ,.-
- 4 c K. PARTfWARATXYI
. . Secretary to GOvernmdllf, &y D * p a r e
6
ENT OF TAMlLNADU
Purattasi 16, Subhanu, Thiruvalluvar Aandu-2034
Part IV--Section 2 Tamil Nadu Acts and Ordinances.
The following Act of the Tamil Nadu Legislative Assembly received the assent of the President on the 28th September 2003 and is hereby published for general information:-
ACT No. 30 OF 2003. An Act further to amend the Tamil Nadu Protection of Interests of Depo.~itors (in Financial Establishments) Act. 1997.
I
BE it enacted by the Legislative Assembly ofthe State ofTamil Nadu in thle fifty-fourth Year
I
of the Republic of India as follows:- i I
1. (1) This Act may be called the Tamil Nadu Protection of Interest of Depositors (in Short title and , Financial Establishments) Amendment Act, 2003. cornrnence-
rnmt.
I
(2) rt shall come into force on such date as the State Government y, by notification, appoint. I
2. In section 2 of the Tamil Nadu Protection of Interests of Depositors (in Financial Amendment s ction 2. of
Establishments) Act, 1997 (hereinafter referred to as the principal Act), for clauses (2) and (3),
the following clauses shall be substituted, namely:-
I
"(2)"deposit" means the deposit of money either in one lump sum or by instalments made with the Financial Establishment for a fixed period, for interest or for return in any kind or for any service;
(3) "Financial Establishment" means an individual, an association of individuals, a firm or a company registered under the Companies Act, 1956 (Central Act 1 of 1956) carrying on the business qfreceiving deposits under any scheme or arrangement or in any other manner but does not include a corpotation or a co-operative society owned or controlled by any State GovernmentI.
or the Central Government or a banking company as defined in section 5(c) of the Banki~lg Regl~lation Act, 1949 (Central Act X of 1949);".
I
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I
140 TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY
Substltullorl of 3. For section 3 of the p r~nc~pa l Act, the following section shall be substituted, namely:-
scctton 3.
nt o$ properties on default of return of deposits.- Notwithstanding
any other law for the time being in force-
(i) wher upon complaints received from anumber of depositors, that any Financial b Establishment defaul s the return of deposits after maturity, or fails to pay interest on deposit or fails to provide the s, rvice for which deposit has been made, or
I
(ii) ",her{ the Government have reason to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors, and if the Government are 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 t'ne in1:erests ofthe depositors of such Financial Establishment, pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the Financial Establishment or in the name of any other person from and out of the deposits collected by the Financial Establishment, or ifittranspires 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 Finan-ial Establishnient or the promoter, partner, director, manager or member of the said Financial Esr-ablishnient 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 properties were purchased from and out of the deposits collected by the Financial Establishment, as the Government may think fit, and transfer the control over the said money or property to the competent authority.".
Amendment of 4. In section 4 of the principal Act,--
section 4.
(1) in sub-section (1), for the expressi& "an autliority", the expression "one or more authorities for such area or areas or such-case or cases as may betspecified in the notification"
shall be subsitituted.
(2) after clause (4), the following clauses shall be added, namely:-. ,-
" 5 , The competent authority shall make an application to any court having jurisdiction to try similar cases or deal with the subject matter pertaining to money or property belonging to -, I * ' c
, , , a Financial Establishment or any person specified in section 3 situated within the territorial
1 . . jurisdiction of that court for appropriate orders.
(6) For the purpose ofcrediting and dealing with the money realised by the competent authority, he shall open an account in any Scheduled commercial bank."
. . . I . 1
Amendment of 5. In section 5 of the principal Act, after the expression "interest on the deposit", the
section '. expression "or fails to return in any kind. or fails to render service for which the deposit has been made" shall be inserted.
I nf the nrinrinal Art aftmr E P F ~ ; A ~ Z thn f n l l ~ . x r ; n n e n n t ; n n e h n l l ha 5-A Comnpouncfing of offence.--(1) An offence punishable under section 5 may, before the institution of the prosecution, be compounded by the competent authority or after the institution of the prosecution, be compounded by the competent autllority with the permission of the Special Court, on payment of the entire amount due to the depositors with or without interest.
(2) Where an offence has been compounded under sub-section ( 1 ), no proceeding or further proceeding, as the case may be, shall be taken or continued against the offender, in t'espect of the offence so compounded and the offender, if in custody shall be discharged forthwith.".
8
TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY 141
7. In section 6 of the principal Act,- Amendment of sectlon 6.
C (I)in sub-section ( l), for the expression ''a Special Court", the expression "one or more special courts for such area or areas or such case or cases as nlay be specified inthe ~iotification"
a
t shall be substituted; C (2) sub-section (4) shall be omitted.
8. In section 7 of the principal Act,- Amendment of P I sectlon 7. (1) in the marginal heading, for the expression "regarding attachmen ", the expression
"regarding attachment, sale, realisation and distribution" shall be substituted; /
5 (2) in sub-section (6), after the expression "the Special Court shall p expression "within a period of one hundred and eighty days from the i application under sub-section (3) of section 4" shall be inserted. ! (3) after sub-section (6), the following sub-sections shall be added, namely:-
i
"(7) Where the ad-interim order of attachment is made absolute, on an application by the competent authority, the Special Court shall direct the competent authority to sell the properties attached, by public auction and realise the sale proceeds.
(8) The Special Court shall on an application by the competent authority, pass such order or issue such direction as may be necessary for the equitable distribution among the .depositors, of the money attached or realised out of the sale under sub-section (7).
9. In section 12 of the principal Act, for the expression "a Special Public Prosecutor", the Amendment of section 12.
expression "a Special Public Prosecutor for each of the Special Court" shall be substituted. (By order of the Governor)
A. KRISHNANKUTTY NAIR,
Secretary to Government, Law Department.
PRINTED AND PUBI.ISHED BY THE DIRECTOR OF STATIONERY AND PRINTING, ('HENNA1 !
k ON BEHALF OF TI iE GOVERNMENT OF TAMIL NADU
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' price : Re. 0.80 paise. '
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E N ; OF TAMIL NADU I Read. No. TNIPMG ICCRI-21712003-05.
TAMIL NADU
GOVERNMENT GAZETTE
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NO. 64 ] CHENNAI, FRIDAY, FEBRUARY 27, 2004
Maasi 15, Srlbhanu, Thiruvalluvar Aandu-2035
Part Tamil Nadu Acts and Ordinances.
The following Act of the Tamil Nadu Legislative Assembly received the assent of the Governor on the 24th February 2004 and is hereby published for general information:-
ACT No. 9 OF 2004.
An Act further to amend the Tamil Nadu Protection of lnterests of Depositors (in Financial Establishments) Act, 1997.
BE it enacted by the Legislative Assembly of the State of Tamil Nadu in the Fifty-fifth Year of the Republic of India as follows:-
1. (1) This Act may be called the Tamil Nadu Protection of Interests of Depositors Short title and (in Financial Establishments) Amendment Act, 2004. commence-
ment.
(2) It shall be deemed to have come into force on the 8th day of August 1997. Tam11 Nadu 2. In section 6 of the Tamil Nadu Protection of Interests of Depositors Amendment of
44 Of (in Financial Establishments) Act, 1997, after sub-section (3 ) , the following sub- section 6.
"". section shall be added, namely:-
"(4) When trying any case, the Special Court may also ry any offence, other than an$offence specified in section 5, with which the accused may, under the Code of Criminal Procedure, 1973 (Central Act 2 of 1974), be charged, at the same trial.".
(By order of the Governor)
A. KRlSHNANKlJTTY NAIR.
Secretary to Government.
Law Depallment.
-- . --. - - . - --.- . -.- - .- - - - -- - - - - . -
PRINTED AND PUBLISHED BY THE DIRECTOR OF STATIONERY AND PRINTING, CHENNAI
ON BEHALF OF THE GOVERNMENT OF TAMIL NADU
10
64 TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY I
- - - . - ---- -- - -- The following Act of the Tamil Nadu Legislative Assembly receibed the assent of tPe Governor on the 22nd May 2008 and is hereby publ~shed for general 1nformat10n:-
ACT No. 18 OF 2008
Ail Act further to amend the Tamil Nadu Protection o f lnterests of Depositors (in Financial Establishments) Act, 1997.
BE it enacted by the Legislative Assembly of the State of Tamil Nadu rn the Fifty-ninth year of the Republic of India as follows -- I
Short title and 1. (1) Thls Act may be called the Tam11 Nadu Protection of Interests of Depositors commence- (in Financ~al Establ~shrnents) Amendment Act, 2008 1
ment
(2) It shall come into force on such date as the State Government may, by notification, appoint.
Amendment of 2. In Sectiori 4 of the Tam11 Nadu Protect~on of Interests of Depositors ( ~ n F~nancial T a r n l l ~ a d l Section 4. Establishments) Act, 1997 (hereinafter referred to as the principal Act), for A c t sub-section (3), the following sub-sectlon shall be subst~tuted, namely - 44 of 14
"(3) Upon receipt of the orders of the Government under Section 3, the competent i authority shall apply wlthiil thirty days to the Special Cout-i const~tuted under this Act for i mak~ng the ad-interim order of attachment absolute and for a direct~on to sell the property so attached by public auctlon and realise the sale proceeds "
Amendment of 3. In Section 7 of the principal Act,--
Section 7.
(i) for sub-section (I), the following sub-section shall be substituted, namely:-
"(1) Upon receipt of an application under Section 4, the Special Court 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 the application and affidavits and of the evidence, if any, recorded, calling upon him to show cause on a date to be specified in the notice why the order of attachment should not be made absolute and the property so attached be sold in public auction.";
(ii) for sub-section (4), the following sub-section shall be substituted, namely:-
"(4) If no cause is shown and no objections are made on or before the specified date, the Special Court shall forthwith pass an order maklng the ad-lnterim o:der of attachment absolute and direct the competent authorlty to sell the property so attached by public auction and realise the sale proceeds.";
(iii) for sub-section (6), the following sub-section shall be substituted, namely:-
"(6) After investrgation under sub-section (5), the Speclal Court shall pass an order, withln a period of one hundred and elghty days from the date of recelpt of an appl~cation under sub-sectlon (3) of Section 4, either making the ad-interim order of attachment absolute or varying ~t by releasing a portlon of the property from attachment or cancelling the ad-~r~terim order of attachment and then direct the competent authorlty to sell the property so attached by publ~c auct~on and real~se the sale proceeds Prov~ded that the Special Court shall not release from attachment any Interest whicb ~t is satisfled that the F~nanciai Establishment or the person referred to In
11
S. DHEENADHAYALAN,
Secretary to Government, Law Department.
12