The Government of Tamil Nadu on November 15, 2023, issued the Tamil Nadu Banning of Unregulated Deposit Schemes Rules, 2023.
The following provisions have been stated:
• Manner of provisional attachment of property:
(1) The competent authority may in writing, provisionally attach the property of the deposit taker on considering the information and particulars mentioned in rule 3, which states “Information and Particulars to be considered” of the Banning of Unregulated Deposit Schemes Rules, 2020 or upon receipt of information and particulars from a police officer, through the Additional Director General of Police, Economic Offences Wing.
(2) A copy of the order of provisional attachment shall be served on the owner of the property or any person who claims to be in possession of the property or any other person who has an interest in the said property.
(3) The order of provisional attachment shall be published in a leading newspaper, both in vernacular and in English, having wide circulation in the area or jurisdiction in which the deposit taker is located.
(4) Where the competent authorities are not able to serve the order of provisional attachment to a person specified in sub-rule (2), then such person shall be deemed to have been served the order by the publication of the order in the manner provided under sub-rule (3).
• Powers relating to absconding persons:
Where the competent authority or the officers appointed to assist the competent authority is satisfied or has reasons to believe that a person in respect of whom action is contemplated under the Act has absconded or is concealing himself, the competent authority or the officers appointed to assist the competent authority shall make a report in writing to the Designated Court for further course of action.
[Notification No SRO A-36/2023]
