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[Cites 0, Cited by 10] [Section 3(1)] [Section 3] [Entire Act]

State of West Bengal - Subsection

Section 3(1)(e) in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013

(e)commits such default due to deployment of money or assets acquired out of the deposits in such a manner as it involves inherent risk in recovering the same when needed, such financial establishment and every person including the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment, shall be deemed to have committed a default in repayment of deposit fraudulently.