Vidhi Codex

Bare Act

Protection of Interest of Depositors (in Financial Establishment) Act, Gujarat, 2003

General200321 sections

This Act regulates financial establishments in Gujarat to protect people who deposit money with them. It applies to any person or group accepting deposits, excluding banks and government corporations. The law targets fraudulent defaults where these establishments fail to repay deposits or promised services. It imposes strict penalties, including imprisonment for three to six years and significant fines, on both the establishment and its responsible managers like directors or partners. This measure aims to deter fraud and ensure that depositors are not cheated, thereby safeguarding public trust in the financial sector.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Fraudulent defaults by Financial Establishment
  4. 4. Attachment of properties on default of return of deposit
  5. 5. Appointment of Competent Authority
  6. 8. Report by Competent Authority
  7. 9. Designated Court.
  8. 10. Powers of Designated Court regarding attachment.
  9. 11. Power of Designated Court regarding realization of assets and payment to depositors.
  10. 12. Attachment of property of malafide transferees
  11. 13. Security in lieu of attachment
  12. 14. Administration of property attached
  13. 15. Appeal
  14. 16. Special Public Prosecutor
  15. 17. Procedure and powers of Designated Court regarding offences
  16. 18. Act to override other laws
  17. 19. Protection of action taken in good faith
  18. 20. Power to make rules
  19. 21. Power to remove difficulty
  20. 6(1). Duties and powers of Competent Authority
  21. 7(1). Assessment of assets, deposits and liabilities

PDF: pending for this language.