Section 9 in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013
9. Powers of Competent Authority.
(1)The Competent Authority shall exercise such powers and perform such duties as may be required, by or under this Act and shall have jurisdiction over the entire State of West Bengal.(2)Without prejudice to the generality of the powers conferred under sub-section (1) or any other provisions of the Act, the Competent Authority shall have the powers to--(a)cause investigation of a complaint on fraudulent transaction referred to in section 3 and report thereof to the State Government;(aa)to grant or withhold previous sanction for prosecution of an offence under Section 3;(b)require assistance of any police authority or any other authority or person and on such requisition, it shall be the duty of the police authority or such other authority or person to extend necessary assistance;(c)require any person believed to be in possession or control over any money or assets of the financial establishment, to furnish necessary information, to hand over possession of such assets to the Competent Authority and such person shall comply with the requisition without any loss of time;(d)appoint, subject to the prior approval of the State Government, legal practitioner or chartered accountant or any other person whose services are necessary for taking possession of assets and realisation of the assets of the financial establishment;(e)sell, receive, transfer, endorse, negotiate or otherwise deal with any marketable security or negotiable instrument belonging to or in the control of the financial establishment and give proper discharge for the same, with the prior approval of Designated Court or so directed by the said Court;(f)sell, transfer or otherwise realise any movable or immovable property belonging to or in the control of the financial establishment either by public auction or by private arrangement with the prior approval of Designated Court or so directed by the said Court:Provided that the perishable item of assets shall be sold by private auction as soon as the Competent Authority deems fit.(g)open bank account in any Scheduled Commercial Bank and credit all monies realized and operate the bank account while dealing with money received in his capacity as Competent Authority, with the prior approval of Designated Court or so directed by the said Court;(h)make payment out of the bank account as per the order of the Designated Court;(i)do all and every acts and deeds which would be necessary for the speedy realisation of the assets of the financial establishment.
