Tripura Act, No. 6 of 2000 .

An Act

to protect the interests of depositors of the Financial Establishments and for matters connected therewith and incidental thereto.

(1)          This act may be called the Tripura Protection of Interests of Depositors (In Financial Establishments) Act, 2000

(2)          It extends to the whole of Tripura.

In this Act, unless the context otherwise requires,-

(a)          "Competent Authority" men as the Competent Authority appointed under section 5;

Any Financial Establishment which (i) fraudulently defaults any repayment of deposit on maturity along with any .benefit in the form of interest, bonus, profit or in any other form as promised; or (ii) fraudulently fails to render service as promoter, partner, director, manager or any other person or conduct of the business or affairs of such Financial Establishment shall, on conviction, be punished with imprisonment for a term which may extend to six years and with fine which may extend to one lakh of rupees and such Financial Establishment also shall be liable for a fine which may extend to one lakh of rupees:

(1)          Notwithstanding anything contained in any other law for the time being in force,-

(i)            Where upon complaints received from the depositors or otherwise, the government is satisfied that any Financial Establishment has failed,

S.5 Competent Authority.

(1)          Government may while issuing the order under sub-section (I) of section 4, appoint any of its officers not below the rank of a Deputy Collector as the Competent Authority to exercise control over the monies and the properties attached by the Government under section 4.

(2)        

S.6 Designated Court.

(1)          For the purposes of this Act the government may, with the concurrence of the Chief Justice of the Gauhati High Court, by notification, in the official gazette, constitute one or more Designated Court to be presided over by a judicial officer not below the rank of a District Judge for such area or areas or for such case or class or group of cases, as may be specified in the notification.

(1)          Upon receipt of an application under section 5, the Designated  Court shall issue to the Financial Establishment or to any other person whose  property is attached and vested in the Competent Authority by the Government under section 4, a notice accompanied by copies of the application and affidavits and of the evidence, if any, recorded calling upon the said Establishment and the said person to show cause on a date to be specified in the notice, why the order of attachment should not be made absolute.

S.8 Attachment of Property of Malafide transferees.

(1)          Where the assets available for attachment of a Financial  Establishment or other person referred to in section 4 are found to be less than  the amount or value which such Financial Establishment is required to repay  to the depositors and where the Designated Court is satisfied by affidavit or otherwise, that there is reasonable cause for believing that said Financial Establishment has transferred (whether after the commencement of this Bill or not) any of the property otherwise than in good fait

S.9 Security in lieu of attachment.

Any Financial Establishment or person whose property has been or is  about to be attached under this Act may, at any time, apply to the Designated  Court for permission to give security in lieu of such attachment and where the  security in lieu of such attachment and where the security offered and given is, in the opinion of the Designated Court, satisfactory and sufficient, it may cancel, the order of attachment or, as the case may be, refrain from passing the order of attachment.