THE KARNATAKA PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL ESTABLISHMENTS (AMENDMENT) ACT, 2022
KARNATAKA ACT NO. 24 OF 2022
(First Published in the Karnataka Gazette Extra-ordinary on the 28th day of
September 2022)
(Received the assent of the Governor on the 27th day of September, 2022)
An Act further to amend the Karnataka Protection of Interest of
Depositors in Financial Establishments Act, 2004.
Whereas it is expedient further to amend the Karnataka Protection of
Interest of Depositors in Financial Establishments Act, 2004 (Karnataka Act 30
of 2005) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the Seventy third year of the
Republic of India, as follows:-
1. Short title and commencement.- (1) This Act may be called the
Karnataka Protection of Interest of Depositors in Financial Establishments
(Amendment) Act, 2022.
(2) It shall be deemed to have come into force with effect from 04th day of
May 2022.
2. Insertion of new Section 9A.- In the Karnataka Protection of Interest
of Depositors in Financial Establishments Act, 2004 (Karnataka Act 30 of
2005) (hereinafter referred to as the principal Act), after section 9, the following
section shall be 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.”
3. Amendment of Section 10.- In section 10 of the principal Act, after
sub-section (3), the following shall be 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.”
4. Repeal and savings.- (1) The Karnataka Protection of Interest of
Depositors in Financial Establishments (Amendment) Ordinance, 2022
(Karnataka Ordinance 01 of 2022) is hereby repealed.
(2) 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.
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