The Government of Karnataka on May 4, 2022 has issued the Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Ordinance, 2022 to further amend the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004. This has come into force on May 4, 2022.
The following has been amended namely: -
• After Section 9 which specify “Fraudulent default by Financial Establishment”, a new section 9A has been inserted namely: -
“Cognizance of offence and power to club cases – Offence under this Act are cognizable and Non bailable”
• In Section 10 which specify “Special Court” following sub-section (4) has been inserted namely: -
“When trying an offence under this Act, the Special Court may also try an offence, other than an offence under this Act, with which the accused may, under the Code of Criminal Procedure, 1973, be charged at the same trial.”
[Notification No. 01 of 2022]
