First of all, our law firm Counsel for issues related to TNPID Act are handling allover Tamil Nadu.
Moreover What is TNPID Act ?.
In Fact the abbreviation of TNPID ACT is Tamil Nadu protection of interest of depositors act 1997.
In reality How to overcome from TNPID issues in India ?.
- Inability to give back the Deposited Money / interest too. Indeed This is an offense likewise inability to render administration for which Deposit in Sec 5
- 10 years Detainment and Rs.1 Lakh Fine. Sec-5.
- Sec 5A accommodates intensifying the offense.
- Connection of cash/property bought out of stores. If not adequate energy to append other property of the organization/promoters/executives and so forth., Sec-3
- Borrower’s property at risk to connection Sec-3
- Properties exchanged other than for thought/great confidence at risk for connection. Sec-8.
- NBFCs initially exempted brought inside of the ambit of TNPID Act-Sec-2(3)
- Meaning of Finance Establishments is broadened to incorporate organizations. It is enlisted under the Indian Organizations enrolled under the organizations Demonstration.- Sec 2(3).
- Equipped Power is enabled to connect and offer the properties and dispense the cash to the contributors – Sec 3 and 4.
Special features of TAMILNADU PROTECTION OF INTEREST OF DEPOSITORS ACT-1997
- The Corrections of TNPID Act 1997 done on 10.11.2003.
- In Section 2(2) of the demonstration – Deposit incorporates Deposit of cash in portions furthermore for any administration.
- Monetary foundations Under section 2(3): An organization enlisted under Companies Act – 1956 [Central Act –I of 1956] is additionally included.
- Connection of properties Under section – 3 : In fact, Properties of the borrowers can likewise appended.
- Exacerbating of offenses Under section – 5A corrected. “Skillful Power can intensify the offenses before the foundation of the indictment or after establishment of the arraignment”.
TNPID COMPETENT AUTHORITY
“Additional commissioner of Land Administration” is the only Competent Authority for TNPID. This of-Course until 9th Month of 2004. As on 26th August 2004, the District revenue Officers notified as the Competent Authorities. This is as per G.O.No.1049/2004, Home / Courts ΙΙ A.
COMPETENT AUTHORITY OF TNPID FOR ATTACHMENTS
Competent Authority is first the caretaker for the connection procedures for TNPID Cases. Of-Course, They take ownership of the Transitory appended properties. Get outright connection arrange and disperse the sum acknowledged. Moreover This is to the contributors after the offer of Property
COMPETENT AUTHORITY IN NON-TNPID CASES:
In Non-TNPID cases – No Beneficiary/Official Vendor/Overseer/Extraordinary Officer/Magistrate. No selected Examination officer is to take ownership of property (After Outright Connection). It continues to the contributors after the conviction of the criminal case. Those are according to the court order. Courts under Tamil Nadu Protection of interest of Depositors Act (TNPID) Act in Madurai and Coimbatore.
Rajendra Law office is Top Lawyers Firm in Chennai by all means for Tamil nadu protection of interest of depositors act 1997