Appointment of Competent Authority

Appointment of Competent Authority.-

1. (1) Government shall while issuing the order under sub-section
2. (2) of section 4, appoint any of its officers not below the rank of a Group ‘A’ officer as the Competent Authority to exercise control over the money and the properties attached by the Government under section 4.
3. (2) To Competent Authority shall apply within forty five days from the date of the publication of the said Order, to the Designated Court, supported by one or more affidavits stating the grounds on which the Government the Government has issued the said order under section 4 and the amount of money or other property believed to have been acquired out of the deposits and the details, if any, of persons in whose name such property is believed to have been invested or acquired or any other property attached under section 4, for such further orders as found necessary.
4. (3) The Competent Authority may also make an application to any Special Court or Designated Court or any other Judicial Forum established or constituted or entrusted with the powers by any other State Government or the Government of any Union Territory for adjudicating any issue or subject matter, pertaining to money or property or assets of financial establishments under any similar enactment and, where there is no such Designated Court or any other Judicial Forum in respect of money or property or assets belonging to or ostensibly belonging to a financial establishments or any person notified under this Act situated within the territorial jurisdiction of that Designated Court or any other Judicial Forum, as the case may be, for passing appropriate orders to give effect to the provisions of this Act.