Section 4 in The M.P. Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam, 2000
4. Attachment of properties on default of return of deposits.
- Notwithstanding 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(ii)where the Competent Authority has reason to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors, and, if the Competent Authority is satisfied that such financial establishment is not likely to return the deposits, the Competent Authority may, in order to protect the interests of the 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 or establishment, or if it 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, partner, director, manager or member of the said financial establishment, as the Competent Authority may think fit.
