State Act

THE KARNATAKA PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL ESTABLISHMENTS ACT, 2004

5. Competent Authority.- (1) The Government shall, by notification, appoint an officer not below the rank of an Assistant Commissioner to be the Competent Authority for the purpose of this Act. 1[Provided that, where cases pertaining to any one financial establishment is spread over more than one district, the State Government may appoint one Competent Authority to handle all such cases.]1 1[(1A) The Government may by notification appoint any officer not below the rank of Assistant Commissioner to assist the Competent Authority, if he is of and above the rank of Deputy Commissioner in discharging his function under this Act and also to file affidavit on his behalf in the designated court.] 1 (2) The Competent Authority shall within thirty days from the date of receipt of the order made under section 3, apply to the special Court for further order of attachment absolute. 1[Provided that, the Secretary to Government, Revenue Department, may on the request of the Competent Authority, extend this period by another 2[thirty days]2 in cases having valid reasons and based on the merits of the case.] 1 (3) An application made under sub-section (2) shall be accompanied by one or more affidavits, stating the grounds on which the order is made under section 3 and the amount of money or other property believed to have been acquired from 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 property attached under Section 3. (4) The competent authority may also make an application to any Special Court or Designated 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 or ostensibly belonging to a Financial Establishment or any person notified under this Act situated within the territorial jurisdiction of that Special Court or Designated Court or any judicial forum, as the case may be, for passing appropriate orders to give effect to the provisions of this Act.