The Government of Karnataka on September 28, 2022, issued the Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Act, 2022 to further amend the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004.
The following amendments have been stated:
• After section 9, the section 9A has been inserted, namely: -
“9A Cognizance of offence and power to club cases.-
(1) Offence under this Act are cognizable and Non bailable.
(2) Notwithstanding anything contained in any other law for time being in force, if multiple First Information Reports are registered either in one Police station or in various police stations of the District or Commissionerate or in various police stations of the State against the same accused person or Financial Establishment relating to fraudulent default, then such an officer as may be prescribed may order for clubbing of subsequent registered First Information Reports into the earliest case and order to carry on common investigation. Further the common Final Report be filed under section 173 of Code of Criminal Procedure, 1973 before the Special Court, within which jurisdiction the earliest First Information report was registered and that Special Court or any other Special Court designated for trial of such offence shall try the same.”
• In section 10, after subsection (3), subsection (4) has been inserted, namely:-
“(4) 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.”
• The Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Ordinance, 2022 (Karnataka Ordinance 01 of 2022) has been repealed.
Notwithstanding such repeal, anything done or any action taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the principal Act, as amended by this Act.
This act will come into force with effect from May 04, 2022.
[Karnataka Act No. 24 OF 2022]
