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[Cites 0, Cited by 0] [Section 4(1)] [Section 4] [Entire Act]

State of Uttar Pradesh - Subsection

Section 4(1)(b) in U.P. Protection of Interest of Depositors in Financial Establishment Act, 2016

(b)Where the State Government has reason to believe that any Financial Establishment is acting in a calculated manner detrimental to the interest of the depositors with an intention to defraud them and if the State Government is satisfied that such Financial Establishment is not likely to return the deposits or make payment of interest or other benefits assured or to provide the services against which the deposit is received. The State Government may, after recording reasons in writing, issue an order by publishing it in the Gazette attaching the money or other property believed to have been acquired by such, Financial Establishment either in its own name or in the name of any other person from and out of the deposits collected by Financial Establishment.