Attachment of properties on default of return of deposits.

Notwithstanding anything contained in any other law for the time being in force— (i)where upon complaints received from a number of depositors, that any financial establishment has defaulted the return of deposits after maturity; or (ii)where the Government has reasons to believe that any financial establishment is acting in a calculated manner with an intention to defraud the depositors; and if the Government is satisfied that such financial establishment is not likely to return the deposits, the Government may, in order to protect the interests of the depositors in such financial establishment, pass an ad-interim order attaching the money or other property alleged to have been procured either in the name of the financial establishment or in the name of any other person from and out of the deposits collected by the financial establishment, or if it transpires that such money or other property is not available for attachment or not sufficient for repayment of the deposits, such other property of the said financial establishment or of the promoter, manager or member of the said financial establishment as the Government may think fit and transfer the control over the said money or property to the competent authority.