look news india
Mumbai – Special courts do not have the power to attach property under the Maharashtra Protection of Interest of Depositors (MPID) Act, only the state government has the power to issue a notification.
The above direction was given during the hearing of the appeal of IIFL Commodities Ltd challenging the order of the special court. The brokerage company, on behalf of the investors, invested Rs. An investment of Rs 326 crore was made in NSEL. He got Rs. Got commission of Rs 31 lakh.
After the legal process, the Economic Offenses Wing initially seized Rs 31 lakh, but the investors filed a petition in a special court requesting to seize the entire amount.
Therefore, the special court accepted the request and the company challenged the decision in the High Court. It was said in the argument that only the government can issue the notification. Under the MPID Act, the court is not allowed to ask the authority to take steps to seize the property.