State can attach Properties of ‘Defaulting’ Financial Establishments: SC

It is clear from the reading of Section 3(i) of the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997, that whenever complaints are received from a number of depositors against a Financial Establishment, which defaults or fails to return the deposits or fails to provide services for which the deposits have been made by the depositors, then the State Government is empowered to initiate proceedings by passing ad-interim order for attachment of the properties of the Financial Establishment or any other persons as mentioned the

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