%‘14 CaTeg Ry s g 580(6) पा मध्यप्रेदेश राजपत्रे, दिनांक 9 मई 2001 | MADHYA PRADESH ACT L Ne 6ot 2001, o दि दिखा ई े दे फिर सा s o THE MADHYA PRADESH NIKSHEPAKON KE HITON KA SANRAKSHAN ADHINIYAM, 2000 ¥ . W : १1 TABLE oF CoNTENTS ) Sections : Short title and commencement. - Definitions. . Intimation of business, Attachment of properties on default of return of* eposits. : Competent Authority. ) iy SRR Punishment ‘for defaults by ‘finaricial establishment, R L नि et Special Court. R वि लि. Power of Special Court’ régarding attachment: व वि दावा Attachment of property of malafide transferces. 10. Security in lieu of attachrhent. ' S 11. Appeal. * दा रा, 12. Special Public Prosecutor. - 13. Procedure and powers of Special Court regarding offences. 14... Anticipatory bail not to be granted. ~ . 7 15. Power to make rules. : ः T : 16. Protection of Action taken in’ good faith: - R e १9 99 एव छा A LN~ Ty 17. ” Power to remove difficulty. कि. न MADHYA PRADESH ACT , L No. 16 of 2000. v o THE MADHYA PRADESH NIKSHEPAKON KE HITON KA SANRAKSHAN L ADHINIYAM, 2000 P i i ला [Received the assent of the President on the st हब, 2001; assent first published in the M"'adn“"y“a C Pradesh Gazette (Extra-ordinary)" dated 9th May, 2001.] An Act to protect the deposits made by the public in the Financial Establishments snd matters’ connected therewith or incidental thereto, व T Beit हा8016 by the Madhya Pradesh Legislature in the Fifty first Year of the Republic of India as follows :— ) Short title and 1. (1) This Act may be called the Madhya Pradesh Nikshepakon Ke Hiton ka Sanrakshan commencement. Adhiniyam, 2000, दर ) (2) It shall come into force on such date as the State Government may, by notification, appoint and different dates may be appointed for different provisions of this Act. Definitions, 2. In this Act, unless the context otherwise requires,— ' (a) "Competent Authority" means the authority appointed under Section 5; |
L‘- मध्यप्रदेश राजपत्र, दिनांक 9 मई 2001 580 (7) (b) "Deposit" includes and shall be deemed always to have-included ‘any receipt of money - oracceptance of any valuable commodity by any financial establishment to be returned after a specified period or otherwise, either in cash or any kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does, nat. include,— तप! दाल (i) amounts contributed as capital by ‘the :partn‘ers of a fim; (ii) amounts received-from a scheduled bank or a cioo‘perative bank or any other banking company as defined in Clause (c) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949); (iif) any amount received from— (a) the Industrial Development Bank of India (IDBI) (b) a State Financial Corporation (c) any financial institution specified in orunder Section 6A of th¢ Industrial Development Bank of India Act, 1964 (18 of 1964); or, (d) any other institution that may be specified by 6 Government in this behalf. Explanation.—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, an association of individuals or a firm or a company inc >rporated under the Companies Act 1956 (1 of 1956) receiving deposits under any scheme or arrangement or in any other manner but does not include, a Corporation or a Co-operative Society owned or controlled by the State Government or the Central Governmerit, or a Banking Company as defined under clause (c) of Section 5 of the Banking Regulation Act, 1949 (No. 10 of 1949). 3. (1) Every financial establishment, about its business in the area of jurisdiction of Competent Authority, shall intimate the Competent Authority to that effect. (2) The financial establishment shall file a copy of each of such periodical statement to the Competent Authority as may be required to be filed, under any law, with any other supervisory authority including Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). (3) The Competent Authority at his discretion 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, atsuch intervals and within such time, such statements, information orparticulars relating to or connected with deposits received by the establishment, as may be specified in a general or a special order. (4) Whosoever contravenes the provisions of this section, shall be punished with imprisonment which may extend to three months or with fine which may extend to one thousand rupees or with both. 4. Notwithstandirg anything contained in any other law for the time being in force,— * (i) where, upon complaints received from depositors or otherwise, the Competent Authority is satisfied that any financial establishment defaults the return of deposits in cash or kind, as promised, after maturity, or Intimation - of business. Attachment of propertics on default of return of deposits.
1 I 580 (8) मध्यप्रदेश किलर दिनाक 9 मई 2001 Competent Authority, Punishment for defaults by financial establishment. ~Special Court, _\\(fi) where छह (एणप्फूडॉा पापिठधफु has reason to believe that any financial establishment .., is acting in a calculated manner'withk an intention to defraud the depositors; and, if the Competent authority is satisfied that such financial establishment i not likely to-return the deposits, the Competent प्रांत may, in order to protect the interests of the depositors of such financial establishment, pass an ad-inferim p_r}de\r p’fia{chm‘g the money or other Property alleged to have been procured either in the name of the fiugm‘c)i;l,esta,b,lishme‘n't or in the name of any other personorestablishment, or ifit transpires thatsuch money orother property istiot available forattachment or not sufficient for repayment of the deposits, such other property of the said financial establishment or the promoter, partner, diregtor, manager or member of the said financial establishment, as the Competent Authority may think fit, 0 की 5. (1) The State Gov\emm‘en't‘maly, by ए०पघ08900, appoint ‘any authority not below the rank of a Collector as Competent Authority, ) ) g ‘ (2) The State Go"vem;mem may entrust the C‘omp'e"ten"t; Ayutho'n'ty',wfl'th such otheg powers as may be necessary, for carrying out the purposes of, पाप Act, SO W g पा, | (3) The Competent Authority shall ap;p’iy सा पी | the ordet passed by it to the Special Court designated under this Act for making the ad-interim order of awac'hmlfnt absolute. (4) The C’o'mpetent Autho’rity may also make.an appliclation to any" Spec"xlayl C‘okutt,“o'” D"(es'yxgnated Court or any other judicial forum established or constituted or entrusted with the powers by any other State Government for adjudicating any issue or subject pertaining to any money or assets of Qf;‘_nancial the case may be, for passing appropriate orders to give effect to the .p’rlovivs(ions of ‘Ithisk Act. 6. (1), Where any financial establishment defaults any repayment of d‘epos'r!it' on maturity along with any benefit in the form of interest, bonus, profit or in any other form as promised or fails to render service as assured against the deposit, every person including पड promoter, partner, director, manager or any other person or an employee responsible for the management of or conducting of Provided that except for special and adequate reasons to be recorded,’ the imprisonment sha]l’ - not be less than for one year and the fine shal] not be less than fifty thousand rupees. (2) No police official shall investigate an offence under this Act, wi(thqt{t.’ express Vpekrmiss,ion of an officer not below the rank of Superintendent of Police having jurisdiction, o 7. (1) The State Government may, for the purpose of disposal of cases under this Act, with the concurrence of the Chief Justice of the High Court, by notification, designate Special Courts, which shall not be below the rank of Court of Sessions Judge or an additional Sessions Judge, as may. be necessary for such area or areas as may be specified in the said Rotification. - (2) The Special 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 realized from out of the property attached. (3) Incase the money realized from sale of property attached is not enough to cover the shortfall, the Special Court shal] decide for imposing such fine to cover the shortfall as may 06 necessary for the equitable distribution among the depositors. ः
i मध्यप्रदेश राजपत्रं;-दिनांक 9 मई 2001 580 (9) 8. (1) Upon receipt of an application under Section 5, the Special Court shall issue to the financial establistment or to any other person whose property. is attached by the Competent Authority under Section 4, a notice accompanied by the application, calling upon him to show cause on a date to be specified in the notice why the ordér of attachment should be made absolute. (2) The Special Court shall also issue such notice to al persons who have represented before it as having or fkely to claim, any interest or title in'the property of the Financial establishment, calling upon such person’ to appear on the date as specified in the notice and make objection, if he 50 व आध5, to the attachment of the property or any pottion thereof, (3) Any pers”o"'n‘cla‘iming an interest in the property attached or any protion thereof may, notwithstanding that no notice has been srved upon him under this section make an objection as aforesaid to the Special Court 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 Special Court shall forthwith pass an order making the ad-interim order of attachment absolute. (5) If a cause is shown or any objection is' made as aforesaid, the Special Court shall proceed to investigate the same, and in so doing, as regards the examinations of the parties and in all other respects, the Special Court shall, subject fo 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 (Central Act V of 1908) and any person making an objection shall be. required to adduce evidence to show that at the date of attachment he had some interest in the property attached. ‘ (6). After investigation under sub-section (5), the Special Court shall pass an order either 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 : that the Financial establishment or the person referred to in sub-section (1) has in the property unless it is a'lso,satisfiked that there will remain under attachment an amount or property of value not less than the value that is required for re-payment to the depositors of such financial establishmerit, Provided that the Special Court shali not reiease from attachment any interest which it is satisfied (7) Where an application is made by any person duly authorised or specified by any other State Govemment under similar enactment empowering him to exercise control over any money or property or 85585 attached by that State Government, the Special Court shall exercise all its powers, as if such an application were made ‘under this Act and'pass appropriate order or direction on such application, so as to give effect to the provisions of such enactment. . 1 9. (1) Where the assets available for attachment of a financial establishment or other person referred to in Section 4 are found to be less than the amount or value which such financial establishment is required to repay to the depositors and where the Special Court is satisfied by affidavit or otherwise that there is reasonable cause for believing that the said financial establishment has transferred before or after the commnecement of this Act any of the property otherwise than in good faith and for consideration the Special 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. है (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 8, the Special Court is satisfied that the transfer of the property to the said transferee was not in good faith and for consideration, the Special Court shall order the attachment of so much of the said property -of the transferee, as {in the opinion of the Special Court is equivalent to the proper value of the property transferred. Power of Special Court regarding attachment. Attachment of property of malafide transferees.
580 (10) मध्यप्रदेश राजपत्र, दिनांक 9 मई 2001 Security in lieu of attachment. Appeal, Special Public Prosecutor. Procedure and powers of Special Court regarding offences. Anticipatory bail not to be granted. Power to make rules. Protection of action taken in good faith. Power to remove difficulty. 10. 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 Special Court for permission to give security in lieu of such attachment and' where the security offered and given is, in the opinion of the Special Court, 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. ’ : 11. (1) An appeal against the order passed by the Special Court may be preferred to the High Court within thrity days from the date of the order. , (2) No-appeal under sub-section (1),-by a person who is in any manner liable to repay the deposit and the interest accried thereon to the depositors, shall be entertained unless, the appeal is accompanied by :atisfactory proof for deposit with the Competent Authority of an amount equivalent to seventy five percent of the aggregate amount of deposit liability. 12. The State Government may, if necessayy, by notification, appoint Advocate of not less than ten years standing as a Special Public Prosecutor for the. purpose: of conducting the cases in the Special Court. 13. (1) The Special Court may take cognizance of the efferi¢e without the accused being committed to it for trial and in trying the accused persofi, shall follow the procedure prescribed in the Code of Criminal Procedure, 1973 (No. 2 of 1974) for the trial of the warrant cases by the Magistrate of the First Class. : (2) The provisions of the Code of Criminal Procedure, 1973 (No. 2 of 1974) shall, so far as may be, apply to the proceedings before a Special Court and for the purpose of the said provisions a Special Court shall be deemed to be a Court of Magistrate of the First Class, 14. Notwithstanding any thing contained in section 438 of the Code of Criminal Procedure, 1973 (No. 2 of 1974), no Court shall grant anticipatory bail to any person under this Act. 15. (1) The State Government may make rules for catrying out the provisions of this Act, (2) Every rule made under.this Act, shall, as soon as possible after it is made, be laid on the Table of the Legislative Assembly. : : 16. No suitor other proceedings shall lie against the State Government or the Competent Authority or an officer or employee of the State Government for anything which is in good faith done or intended to be done under this Act. ' दे दर 17. If any difficulty arises in giving effect to the provisions of this Act, the State Government may, as occasion arises by order, do anything, not inconsistent with the provisions of this Act, which appears to it-to be necessary to remove the difficulty. o B \fim, मुद्रण तथा लेखन सामग्री, मध्यप्रदेश द्वारा शासकीय केन्द्रीय मुद्रणालय, भोपाल से मुद्रित तथा प्रकाशित--2001.