Vidhi Codex

The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, 2011

The Odisha Protection of Interests of Depositors (in Financial Establishment) Act, 2011

General201120 sections

This law protects the money people deposit with financial establishments in Odisha that are not banks or government co-operatives. It applies to individuals, firms, and companies that collect deposits for interest or services. The main purpose is to prevent fraud and ensure depositors get their money back. If a financial establishment defaults on payments or is suspected of fraud, the government can attach the properties of the establishment and its key figures like directors or promoters. A District Magistrate is appointed to control these assets, and a designated court oversees the sale of the property to recover the deposited funds for the public.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title, extent and commencement :- (1) This Act may be
  3. 2. Definitions :-In this Act, unless the context otherwise requires,(a) "Competent Authority" means the Authority appointed under
  4. 3. Attachment of properties on default of return of deposit :-
  5. 4. Competent Authority:- (1) The Government may, by notification,
  6. 5. Report and return by Financial Establishment :
  7. 6. Default in Repayment of deposits and interests honoring the
  8. 7. Compounding of offence :- (1)An offence punishable under section 6
  9. 8. Designated Court :
  10. 9. Powers of Designated Court regarding attachment, sale, etc.
  11. 10. Attachment of property of malafide transferees :
  12. 11. Any Financial Establishment or person whose properly has been or is
  13. 12. Administration of property attached :- The Designated Court may,
  14. 13. Appeal :- Any person including the CompetentAuthority, if aggrieved
  15. 14. Special Public Prosecutor :- The Government shall, by notification,
  16. 15. Procedure and powers of Designated Court regarding offences :-
  17. 16. Act to override other laws
  18. 17. Protection of action taken in good faith :- No suit or other proceedings
  19. 18. Power to make rules :- The Government may, by notification, make
  20. 19. Power to remove difficulties :- (1) If any difficulty arises in giving

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