Duties and power of the Competent Authority

(1) Without prejudice to the generalities of sub-section (1) of section 5, the Competent Authority may carry out the purpose of this Act. (2)(i) On receipt of order of appointment, the Competent Authority shall take such necessary actions as is necessary or expedient for taking physical possession of all the monies, properties and assets of the concerned financial establishment expeditiously and the Competent Authority shall have all the powers which are necessary for the aforesaid purpose. (ii) Without prejudice to the generality of the powers vested under sub-clause (i) of this sub-section, the Competent Authority shall be entitled to- (a) require assistance of any police officer or any other authority or person and on such requisition it shall be the duty of the police officer or such other authority or person to extend necessary assistance; (b) open bank accounts in any scheduled commercial bank and credit all monies realized and operate the bank accounts while dealing with the money received in his capacity as Competent Authority; (c) require any person believed to be in possession or control over any money, property 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 legal practitioner or chartered accountant or any other person whose services are necessary for taking possession of assets and realization of the assets of the financial establishment; (e) sell, receive, transfer, endorse 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; (f) sell, transfer or otherwise realize any movable or immovable property belonging to or in the control of the financial establishment either by public auction or with the prior approval of the Designated Court by private arrangements: Provided that the perishable items of assets shall be sold by public auction as soon as the Competent Authority deems fit. (g) make payment as per the orders passed by the Designated Court from the bank accounts, and (h) do all and every act and deed which would be necessary for the speedy realization of the assets of the financial establishments. Explanation: For the purpose of this section, the expression “financial establishment” includes the directors, promoters, managers or member of said establishment or any other person whose property or assets have been attached under section 4.