The Telangana Protection of Depositors of Financial Establishments Act, 1999
The Telangana Protection of Depositors of Financial Establishments Act, 1999
This law protects public depositors in Telangana from fraudulent financial institutions that fail to return deposited funds or pay promised interest. It applies to financial establishments and their promoters, managers, and members, as well as third parties receiving fraudulently transferred assets. To safeguard depositors, the state government can attach properties acquired from deposits or owned by key management personnel. Special Courts are designated to try cases exclusively and oversee the fair distribution of recovered assets back to affected depositors. Additionally, the legislation imposes severe criminal penalties, including up to ten years imprisonment and heavy fines for defaults, while punishing false complaints.
- 1. Short title, extent and commencement.
- 3. Attachment of properties on default in respect of deposits.
- 5. Penalty for default.
- 6. Special Court.
- 8. Attachment of property of certain transferees.
- 9. Security in lieu of attachment.
- 10. Administration of property attached.
- 11. Appeal.
- 12. Special Public Prosecutor and Special Government Pleader.
- 13. Procedure and powers of Special Courts regarding offences.
- 14. Act to override other laws.
- 15. Penalty for false or vexations complaints.
- 16. Protection of action taken in good faith.
- 17. Power to remove doubts and difficulties.
PDF: pending for this language.