(1) Where any property attached under section 4 of the Act is subject to speedy or natural decay before institution of the proceeding, the competent authority may sell such property by public auction or otherwise and credit the sale proceeds in a bank account as mentioned in clause (b) of sub-section (3) of section 6 of the Act and shall intimate the same to the designated court.
(2) The competent authority shall maintain the record of all the income and sale proceeds received on sale of property so attached by the order of the designated court under sub-section (4) or sub-section (6) of section 10 of the Act or sale of property under sub-rule (1) and expenditure incurred for the property received, managed and disposed off and shall furnish the same to the designated court, from time to time.
Safe custody of books, papers and documents of defaulting financial establishment.
section 6
8. The competent authority shall ensure safe custody of all the records/books/papers and documents of the defaulting financial establishment till the issuance of final order of the designated court and in case of appeal, till further orders of the High Court or Supreme Court, as the case may be.
Auditing of accounts of defaulting financial establishment.
section 19
9. The competent authority shall be responsible for getting the balance sheet and profit and loss statements of the defaulting financial establishment audited through a Chartered Accountant duly appointed for the purpose.
Procedure for assessment of property .
section 7