Bare Act
The Haryana Protection of Interest of Depositors in Financial Establishment Act, 2013
General201320 sections
This Act protects citizens from fraudulent financial schemes that fail to return deposits or promised interest. It empowers the District Magistrate to attach the assets of defaulting financial establishments—including the personal assets of promoters, directors, and managers—to ensure depositors are repaid. The law establishes a dedicated "Designated Court" to handle these cases, ensuring faster resolution than standard civil courts. It applies to any entity accepting deposits that defaults on its promises. For ordinary citizens, this legislation provides a legal pathway to recover lost savings when a company or firm deceptively fails to honor its financial commitments.
- 1. Short title.
- 2. Definitions.
- 3. Fraudulent default by financial establishment.
- 4. Attachment of properties on default or return of deposit.
- 5. Appointment of competent authority.
- 6. Duties and powers of competent authority.
- 7. Assessment of assets and deposit liabilities
- 8. Report by competent authority
- 9. Designated court
- 10. Power of designated court regarding attachment
- 11. Attachment of property of malafide transferees
- 12. Security in lieu of attachment.
- 13. Administration of property attached.
- 14. Appeal.
- 15. Special public prosecutor.
- 16. Procedure and powers of designated court regarding offences.
- 17. Act to override other laws.
- 18. Protection of action taken in good faith.
- 19. Power to make rules.
- 20. Power to remove difficulties.
PDF: pending for this language.