TaxTMI 
TaxTMI 
2017 (11) TMI 662
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....erent sizes and by starting to make payments in instalments. 4 As per the schemes, the land is to be registered in the name of investors once payment is completed. The non willing customers have the option to pre-close the scheme and get back the amount paid with interest after deduction of pre-closure charges. 5 W.P.No.8084 of 2017 has been filed by way of public interest for settlement of the dues of the investors. Pursuant to an order of this court, the Hon'ble Mr.Justice G.M.Akbar Ali, a retired Judge of this Court was appointed Commissioner for settlement of the dues of the investors. 6 The company submitted a scheme of settlement to the Hon'ble Mr.Justice G.M.Akbar Ali (Retired), the Commissioner appointed by this Court. 7....
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....ree months time to the company and its Directors to implement the order of SEBI. 13 In the meanwhile, on 2nd June, 2016, the Economic Offences Wing of Tamil Nadu Police registered an FIR which has given rise to criminal proceedings being Crime No.6 of 2016 under Sections 406, 420 and 120B of the Indian Penal Code read with Section 5 of the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997 (hereinafter referred to as 'TNPID Act'). 14 In the scheme of settlement filed by the company before Justice G.M.Akbar Ali, it is stated that the company has about 3520 acres of vacant land and other properties which are worth around Rs. 1147 Crores. 15 In these proceedings, demands were made by investors f....
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....t. Once the charge sheet is filed under the TNPID Act, the Special Court alone will have jurisdiction to deal with the financial establishment and its properties. The charge sheet or the final report has not yet been filed in this case. 19 Under Section 3 of the TNPID Act, the Government on being satisfied that the financial establishment is not likely to return the deposits or make payment of interests, may pass an order attaching the money or other properties procured in the name of the establishment or in the name of any other person from the deposits collected by the financial establishment. The Government can also transfer the property so attached to the control of the Competent Authority constituted under Section 4 of TNPID Act. The ....
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....tives from the legal fraternity, representatives from the Economic Offences Wing, representatives of SEBI and a team of Chartered Accountants to carry out the task of identifying the investors, identifying the lands that have been purchased, getting the land valued and raising funds for settlement of dues of investors / depositors by actual sale of landed properties. 23 This Court deems it appropriate to constitute a Committee headed by Hon'ble Mr.Justice N.Paul Vasanthakumar, Retired Chief Justice of the Jammu and Kashmir High Court. The Committee shall consist of two senior members of the legal fraternity, namely, Mr.B.Kumar, Mr.M.S.Krishnan, who have been assisting this Court as Amicus Curiae and also Mr.C.Manishankar, Senior Advoca....
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....hall take necessary steps to identify the properties of the Company, its sister concerns, Directors and transferees, to ascertain the location, marketability and title thereto and thereafter proceed to sell the properties. The committee may obtain the assistance of a team of experts of the Revenue Department and a competent legal team to perform the acts mentioned above. The committee may also constitute an Accounting team to look into the bank accounts and other financial documents of the company, its Directors, its sister concerns, etc. and to ascertain whether there has been secretion of funds of the Company. 27 The amounts realized from out of the sale of the properties shall be deposited in a special account opened for this purpose, w....