2017 (10) TMI 1590

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....posed to orders directing attachment of properties of petitioners by invoking section 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (hereinafter to be referred as 'the Act'). Facts of each case differ. However, main issue involved is as regards jurisdiction of this court to entertain these petitions. Same are, thus, being disposed of by a common order. For brevity facts are taken from CWP No. 11189 of 2014. Petitioner no. 1 is stated to be a company registered under the Companies Act, 1956. Petitioner no. 2 is Director thereof. It was set up for providing electronic platform for the purpose of trading (purchase and sale) of agricultural based commodities. Petitioner-company became a member....

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....any third party interest in respect of properties enumerated in the notices without permission of MPID court and to make necessary entries in the record to this effect. Aggrieved by the notices, petitioners have preferred the present writ petition(s). Action of respondent no. 1 is challenged on the ground that petitioners are not a financial establishment as defined in the Act nor have it they accepted any deposits from the complainant directly. Thus, said Act is not applicable to them. During the course of hearing, a preliminary objection was raised by the State of Maharashtra that notice has been issued pursuant to notification dated 22.06.2015 issued by Maharashtra Government. Said notification had been issued under section 4 of the Act.....