(1) Without prejudice of the generalities of sub-section (1) of section 5, the Competent Authority may carry out the purpose of this Act.
(2) (i) on receipt of order of appointment, the Competent Authority shall take such necessary actions as it is necessary or expedient for taking physical possession of all the monies and assets of the concerned financial establishment expeditiously and the competent Authority shall have all the powers which are necessary for the aforesaid purpose.
(ii) Without prejudice to the generality of the powers vested under clause
(i), the Competent Authority shall be entitled to---
(a) require 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 extend necessary assistance;
(b) open bank accounts in any scheduled commercial bank and credit all monies realized and operate the bank accounts while dealing with the money received in his capacity as Competent Authority;
(c) require any person believed to be in possession or control over any money or assets of the Financial Establishment, to furnish necessary information, to hand over possession of such assets to the Competent Authority and such person shall comply with the requisition without any loss of time;
(d) appoint legal practitioner or chartered accountant or any other person whose services are necessary for taking possession of assets and realization of the assets of the Financial Establishment;
(e) sell, receive, transfer, endorse, negotiate, or otherwise deal with any marketable security or negotiable instrument belonging to or in the control of the Financial Establishment and give proper discharge for the same;
(f) sell, transfer or otherwise realize any movable or immovable property belonging to, or in the control of the Financial Establishment either by public auction or with the prior approval of the Designated Court private arrangement:
Provided that the perishable items of assets shall be sold by public auction as soon as the competent Authority deems fit;
(g) make payment as per the orders passed by the Designated Court from out of the bank accounts; and
(h) do all and every acts and deeds which would be necessary for the speedy realization of the assets of the Financial Establishment.
Explanation- For the purpose of this Section, the expression “Financial Establishment” includes the directors, promoters, managers or member of said establishment or any other person whose property or assets have been attached under section 4.
--------------------------------------------------------------- 1 [6A (1) Every Financial establishment which commences or carries on its business as such in the State of Uttrakhand on or after the commencement of this Act shall make a report to the District Collector and the superintendent of police of the district, mentioning the details about its authority to carry on such business, the location of the Financial Establishment in the State and its main Branch Office, if any, wherever situated, permanent address of every person responsible for the management of, or conducting of the business or affairs of, the financial establishment in the State and such other particulars as may be prescribed.
(2) Such report shall be made within seven days from the date on which a financial establishment commences or carries on its business as such in the State;
Provided that a financial establishment which has been carrying on its business as such prior to the commencement of this Act make such report within seven days from the date of such commencement.
(3) Every financial establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the District Collector and the Superintendent of police of the district in respect of its business and financial position, the area of its investment and the location of investment of moneys made by it within and outside the State, if any, and such other particulars as may be prescribed.
(4) Whoever contravenes the provisions of this section shall be punished with fine which may extend to fifty thousand rupees.]
1 Assessment of assets and deposit liabilities