The Chhattisgarh Protection of Depositors' Interest Act, 2005
The Chhattisgarh Protection of Depositors' Interest Act, 2005
General200519 sections
This act regulates financial establishments in Chhattisgarh to ensure they openly collect deposits under rules. It applies to companies and firms offering schemes to the public to safeguard investor money from fraud. The law matters by empowering authorities to seize assets of companies that refuse to repay deposits, helping to recover the public's lost funds. It also establishes special courts to fast-track these financial fraud cases, ensuring that criminals responsible for defaulting can be prosecuted and victims receive their money back.
- 1. Short title and commencement.
- 2. Definitions.
- 3. Act not in derogation of any law.
- 4. Special Court.
- 5. Competent Authority.
- 6. Intimation of business.
- 7. Attachment of properties on default of return of deposits & power of special court regarding attachment.
- 8. Attachment of property of malafide transferees.
- 9. Security in lieu of attachment.
- 10. Punishment for defaults by financial establishment.
- 11. Factors to be considered for imposing fine.
- 12. Awarding of compensation.
- 13. Procedure and powers of Special Court regarding offences.
- 14. Special Public Prosecutor.
- 15. Anticipatory bail not to be granted.
- 16. Appeal.
- 17. Power to make rules.
- 18. Protection of Action taken in good faith.
- 19. Power to remove difficulty.
PDF: pending for this language.