Court : Chennai
Reported in : 2007(2)CTC207
..... .1. per contra, mr. r. viduthalai, learned advocate general, defends that the tamil nadu act is intended to realise the deposits made by the public in the financial establishments, whether they are incorporated or unincorporated, as the companies incorporated under the companies act, 1956 are also roped in by the tamil nadu protection of interests of depositors (in financial establishments) amendment act, 2003, (tamil nadu act 30/2003).6.2. the learned advocate general elaborately invited our attention ..... to the societal realities that reflected in media - dailies, weeklies and monthlies, exhibiting the untold sufferings of the depositors on account of the organised crime by the financial establishments. according to the learned advocate .....Tag this Judgment!
Court : Chennai
Reported in : 2000(2)CTC609
..... of anything previously done under that rule or notification.'11. in exercise of the powers conferred by sub-section (1) of section 15 of the act, the governor of tamil nadu has made the rules called tamil nadu protection of interests of depositors (in financial establishments) rules, 1997 (hereinafter referred to as the 'rules').'rule 3. ad-interim order and examination of the complainant and witnesses. (1) the government shall ..... the reserve bank of india amendments act, 1997, in respect of unincorporated financial establishments there is no effective remedy to recover the matured deposits and for non-payment of interest for such deposits. further, taking note of seriousness of the issue, the reserve bank has requested and suggested all the other state governments to enact similar enactments as passed by the tamil nadu government. as a matter ..... has already amended the reserve bank of india act, 2 of 1934 by amendment act 23 of 1997 with effect from 1.4.1997 which gives protection and relief to the depositors as well as financial establishments. hence, tamil nadu act is not at all necessary and under article 254 of the constitution, tamil nadu act is repugnant to the provisions of section 45 of the central act;(iii) the definition 'financial establishment' in the tamil nadu act, makes a .....Tag this Judgment!
Court : Chennai
Reported in : 2007(2)CTC369
..... thereby submitting for new reclassification. law must be accordingly amended to ensure that the village panchayat decision, with approval from panchayat union and district panchayat is mandatory. the panchayats must be empowered to invite experts & ngo's to assist in arriving a tamil nadu protection of interests of depositors (in financial establishments) act, 1997 conclusion. xxvi. district collectors are not the ..... competent authority to hold a mock public hearing and then decide the coastal areas that need reclassification. xxvii. till today the government of tamil nadu has not yet marked the high tide line but ..... shall also be caused at the convenient place in the said locality, as contemplated under section 4(1) of the act.22.2. an explanation inserted to section 4 by the land acquisition (tamil nadu amendment) act, 1996 reads as follows:explanation.- for the purpose of this sub-section, the publication of notification in the official gazette ..... guidelines of the coastal regulation zone notified by the central government under the provisions of the environment (protection) act, 1986 and the rules framed thereunder, for the impugned area; nor there is any violation to the norms prescribed by the tamil nadu pollution control board;(ix) the publication of the notifications under section 4(1) of the .....Tag this Judgment!
Court : Mumbai
Reported in : 2005(5)BomCR481; (2005)107BOMLR983; 128CompCas196(Bom); 2005(4)CTC705; 2005(4)MhLj5; 64SCL589(Bom)
..... submitted, addressed a letter to the chief secretary to the state government on 12th august 1998 requesting that a suitable legislation can be considered on the model of the tamil nadu protection of interests of depositors (in financial establishments) act, 1997. again it was submitted that a division bench of this court had in kirit somaiya v. sebi (1999) ii llj 223 and in securities and exchange board ..... with the companies fiddling with public money are held liable and proceeded against under the rules.'11. parliament amended the provisions of the companies act, 1956, by the companies (amendment) act, 2000, with effect from 13th december 2000 to make special provisions in relation to small depositors by inserting sections 58aa and 58aaa. sub-section (1) of section 58aa provides that every company, which accepts ..... 1988 with effect from 1st september 1989. sub-section (3a) provides as follows:'(3a) every deposit accepted by a company after the commencement of the companies (amendment) act, 1988, shall, unless renewed in accordance with the rules made under sub-section (1), be repaid in accordance with the terms and conditions of such deposit.'sub-section (5) of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2013SC584; 2012(10)SCC575; AIR2012SCW5164
..... management. as indicated hereinbefore, the object of the act was to protect the interests of depositors in financial establishments in the union territory of pondicherry. the division bench of the high court observed that, inasmuch as, the tamil nadu protection of interests of depositors (in financial establishments) act, 1997, were in pari materia with the provisions of the pondicherry act of 2005 and the provisions of the tamil nadu act had been upheld, nothing further was required to ..... that the provisions of the companies act are also attracted to the provisions of the pondicherry act. although, it has been argued by mr. ganguli that the provisions of the companies act would not be attracted, we cannot overlook the amendment to the definition of financial establishment included in the tamil nadu act and as defined in the pondicherry act. the definition of the expression financial establishment in section 2(d) of ..... the pondicherry act, which has been extracted in paragraph 14 hereinbefore, includes any person or group of .....Tag this Judgment!
Court : Mumbai
..... constitution. the state had challenged the said judgment before the honourable supreme court in appeal nos.1382-1446 of 2005. similarly, the constitutional validity of the tamil nadu protection of interest of depositors (in financial establishments) act, 1997 was challenged before the madras high court which upheld it and observed that it is constitutionally valid. the same was challenged before the honourable supreme ..... (2011)3 scc 793, the honourable supreme court was pleased to uphold the constitutional validity of tamil nadu protection of interest of depositors (in financial establishments) act, 1997. it was, however, observed that if any party wishes to submit that it is not covered by the said act, it is open to him to take independent proceeding before the forum concerned. 8 it is ..... it is clear that non banking financial companies are not excluded from the purview of the mpid act, 1999. equally, as noted by the honourable supreme court, by amendment act 30 of 2003 the companies registered under the indian companies act, 1956 and non banking financial companies were also brought within the purview of the tamil nadu act. hence, the stray observation in ..... would submit that this court's writ jurisdiction and inherent jurisdiction cannot be now invoked. the investigations are complete and the charge sheet is filed in the year 2008. the mpid special case is of the year 2004. the clarification by the honourable supreme court does not mean that same issues and points which are argued .....Tag this Judgment!
Court : Chennai
Reported in : 2013(2)MLJ(Crl)104; 2013(1)LW(Crl)470
..... the properties purchased by the accused in crime no. 8 of 2000 and therefore they are guilty of the offences punishable under the tamil nadu protection of interests of depositors (in financial establishment) act, 1997 (tamil nadu act 44 of 1997). according to the prosecution, one among the properties purchased by the accused in crime no. 8 of 2000 was ..... accused namely mr. mukundan and mrs. indira mukundan, came to be attached in exercise of the powers conferred under section 3 of the tamil nadu protection of interests of depositors (in financial establishment) act, 1997 (tamil nadu act 44 of 1997). 4. the respondent, after completing the investigation, filed charge sheet in crime no. 8 of 2000 which was taken ..... property and not return the property to the person from whom it has been seized. 20. section 54(2) of the 1972 act, prior to the amendment by act 16 of 2003, authorized the empowered officer, on payment of value of the property liable to be forfeited, to release the seized property ..... it is not in dispute that the petitioner has deposited a sum of rs.2.95 crore under 3 original applications viz., o.a. no. 60/2008, o.a. no. 18/2009 and o.a. no.12/2009 before this court for raising the attachment of the immovable properties. 8. taking ..... .03.2006. (ii) further, the said mukundan filed a petition in o.a. no. 60 of 2008 before the learned special judge under tnpid act, 1997 under section 9 of tnpid act read with section 151 of cpc to accept a sum of rs.1.50 crores as security, in lieu .....Tag this Judgment!
Court : Chennai
..... .2010 in crl.m.p.no.1976 of 2009 in c.c.no.11 of 2000 passed by the learned special judge under the " the tamil nadu protection of interest of depositors (in financial establishments) act, 1997 [herein after referred to as "the act"] ", the petitioner has come up with this contempt petition.2. the petitioner was doing the business under the name and style of thirumuruga finance at ..... compound the offence under section 5-a of the act for the entire 229 counts. but, the respondent by order dated 06.04.2006 recorded compounding of the offence in respect of 153 depositors, but declined to compound the offence in respect of 76 depositors. thereafter, the petitioner filed crl.m.p.nos.3564 of 2008 and 1976 of 2009 seeking a direction to ..... be tried only by a special court constituted under section 6 of the act and the special court shall be deemed to be a magistrate for the purposes of the act.10. section 5-a of the act was introduced by means of an amendment with effect from 10.11.1993 empowering the competent authority to compound the offence punishable under section 5-a ..... the respondent to compound the offence in respect of all those 76 depositors also. on considering the said petition, the learned special judge .....Tag this Judgment!
Court : Chennai
Reported in : 2013(1)CTC326; 2013(1)LW416
..... in charge of the financial establishment and thereafter, making the interim attachment absolute after giving opportunity to the parties and by ordering sale of the property in public auction for distributing the sale proceeds to the depositors. as a matter of fact, tamil nadu act 30/2003 was brought into force to give teeth to the impugned act 44 of 1997 and under the amendment act 30/2003, the ..... that when the government is satisfied that any financial establishment is not likely to return the deposits or to make payment of interest, to protect the interest of the depositors of the financial establishment, the government may pass an order of interim attachment attaching the money or other property alleged to have been procured either in the name of the financial establishment or in the name of any person from ..... court to sell the property, the petitioners were not made as parties and therefore, their properties cannot be attached and sold and therefore, they filed o.a.no.35 of 2008 to raise the order of attachment and that application is pending and without hearing them, the court below should not have ordered sale in o.a.no.53 of 2004 ..... .o. ms.no.360, home (courts ii-a) department, dated 3.4.2001 under section 3 of the tnpid act as if it belongs to p.venkatesan and the petitioners filed o.a.no.35 of 2008 under section 7(3) of the act to raise the interim order of attachment. in that application, the accused were set ex parte and later, they .....Tag this Judgment!
Court : Supreme Court of India
..... constitutional validity of the tamil nadu protection of interests of depositors (in financial establishments) act, 1997 (for short the tamil nadu act ), the maharashtra protection of interests of depositors (in financial establishments) act, 1999 (for short the maharashtra act ) as well as the pondicherry protection of interests of depositors in financial establishments act, 2004 (for short the pondicherry act ). this court in k. k. baskaran vs. state, represented by its secretary, tamil nadu and others (2011 ..... desired that states should take expeditious steps for enacting legislation on the lines of tamil nadu protection of depositors (in financial establishments) act, 1997, to restore the confidence amongst the innocent depositors and also to serve as a deterrent against malpractices by such establishments during the course of acceptance of public deposits. to achieve the above object, ..... of chapter iv of the securities and exchange board of india act, 1992 (15 of 1992) would also be applicable as amended by the amendment act 2002 (59 of 2002). further, it was also stated that the andhra pradesh cooperative societies act, 1964 did not fall within the meaning of the banking company ..... as defined by section 5(b) of the banking regulations act, 1949. union of india has .....Tag this Judgment!