Provisional attachment powers authorise competent authority to seize deposits and property pending investigation under the Act. The section appoints a Competent Authority and assisting officers by notification, authorises them to provisionally attach deposits and property where, with reasons recorded in writing and on prescribed information, they believe a deposit taker is soliciting deposits in contravention of section 3, and grants investigative powers equivalent to a civil court for discovery, summons, examination on oath, production of records and related matters. Such proceedings are treated as judicial proceedings under the Penal Code. Officers may impound records with recorded reasons and may not retain them beyond a specified period without prior Competent Authority approval, subject to Central Government rules.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Provisional attachment powers authorise competent authority to seize deposits and property pending investigation under the Act.
The section appoints a Competent Authority and assisting officers by notification, authorises them to provisionally attach deposits and property where, with reasons recorded in writing and on prescribed information, they believe a deposit taker is soliciting deposits in contravention of section 3, and grants investigative powers equivalent to a civil court for discovery, summons, examination on oath, production of records and related matters. Such proceedings are treated as judicial proceedings under the Penal Code. Officers may impound records with recorded reasons and may not retain them beyond a specified period without prior Competent Authority approval, subject to Central Government rules.
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