(1) On receipt of order of appointment, the competent authority shall take such necessary steps, as it deems necessary or expedient for taking physical possession of all monies, properties and assets of the concerned financial establishment attached by the District Magistrate under section 4.
(2) The competent authority shall, within thirty days from the date of the publication of the said order, apply to the designated court, accompanied by one or more affidavits stating the grounds on which the District Magistrate has issued the said order under section 4 and the amount of money or other properties or assets belonging to or believed to have been acquired out of the deposits and the details, if any, of persons in whose name such property is believed to have been invested or acquired or any other property attached under section 4, for such further orders as designated court may deem fit.
2014: Hr. Act 32] PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL ESTABLISHMENT 201
(3) Without prejudice to the generality of the foregoing powers vested under sub-section (1) and (2), the competent authority may—
(a) seek assistance of any police authority or any other authority or person and on such requisition, it shall be the duty of the police authority or such other authority or person to provide necessary assistance;
(b) open bank accounts in any Scheduled bank and credit all money realised and operate the bank account while dealing with the money received in his capacity as competent authority;
(c) direct the person in possession or control over any money, property or assets of the financial establishment to furnish necessary information or to handover possession of such money, property and assets and such person shall comply with the directions forthwith;
(d) appoint legal practitioner or chartered accountant or any other person whose services are necessary for taking possession and realisation of the assets of the financial establishment; and
(e) make payment as per the order passed by the designated court from the bank account.
(4) The competent authority may also make an application to any court or any other judicial forum established or constituted or entrusted with the powers by any other State Government under any similar enactment for adjudicating any issue or subject matter pertaining to money or property or assets belonging to a financial establishment situated within the territorial jurisdiction of that court or any judicial forum, as the case may be, for passing appropriate orders.