Bare Act
The Jharkhand Protection of Interest of Depositors (in Financial Establishments) Act, 2011
This Act protects depositors in Jharkhand from financial establishments that accept deposits but fail to return the money with promised interest or bonuses when due. It applies to financial establishments including partnerships, companies, and associations that accept deposits through various schemes but excludes banks, corporations, and registered money lenders. The law establishes severe penalties for fraudulent defaults, including imprisonment for up to 10 years and substantial fines, with minimum sentences specified for courts to follow. By penalizing both financial establishments and their responsible personnel like directors and managers, the Act aims to reduce fraudulent schemes targeting small investors and ensure accountability in Jharkhand's financial sector.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Fraudulent default by Financial Establishment
- 4. Attachment of property on default of return of deposit
- 5. Appointment, powers and duties of Competent Authority
- 6. Determination of deposit liability and assets
- 7. Designated Court
- 8. Powers of Designated Court regarding attachment
- 9. Powers of Designated Court regarding recovery of assets and payment to depositors
- 10. Attachment of property of malafide transferee
- 11. Security in lieu of attachment
- 12. Management of attached property
- 13. Appeal
- 14. Special Public Prosecutor and Special Government Advocate
- 15. Procedure and powers of Designated Court regarding offences
- 16. Act to have overriding effect over other laws
- 17. Protection of action taken in good faith
- 18. Power to make rules
- 19. Power to remove difficulties
PDF: pending for this language.