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2014 (6) TMI 1055 - HC - Indian LawsValidity of Government Order in G.O. Ms. No. 178 Home (Police XIX), dated 19.03.2013 - direction to return the vehicles to the petitioner - case of the petitioner is that they granted financial assistance to the private respondents and its Partners/Directors, for purchase of vehicles - hypothetication agreement between the petitioner and the purchaser - Section 120(b), 406 & 420 IPC read with Section 5 of the TNPID Act - HELD THAT:- The writ petition has been filed to quash the Government Order in G.O. Ms. No. 178, dated 19.03.2013. The Government took note of the fact that the complaints were received from the depositors of the respondent company stating that they have defaulted in return of the deposits made by the depositors after maturity and the Government is satisfied that the financial establishments is not likely to return the deposits to the depositors and the Government have to protect the interest of such depositors and therefore, the movable and immovable properties alleged to have been procured by the financial establishments from and out of the deposits collected from the depositors, in exercise of powers conferred under Section 3 of the TNPID Act, makes an ad-interim order of attachment of the movable and immovable properties and transfers the control of the same to the competent authority, the third respondent in the writ petition. Admittedly, the vehicles in question have not been disposed of by the competent authority and ad-interim attachment is yet to be made absolute and the application is stated to be pending - The challenge in the Criminal Revisions is to the orders passed by the Special Court dismissing the applications filed by the petitioner under Sections 451 & 457 Cr. P.C. The contentions raised by the petitioner and the objections made by the fourth respondent Police as well as the competent authority have been referred to in the preceding paragraphs. The Special Court after taking note of the submission made on either side referred to the Section 3 of the Act and held that the Government is having every power to attach the properties on financial establishment, who had defaulted in payment to the depositors and therefore, came to the conclusion that the petition filed by the petitioner is not maintainable in law. The petitioner has to be necessarily heard in the matter and their right to seek for custody of the vehicles should be considered in the light of their right over the hypothetical and simultaneously, the powers under the Act, which was enacted to protect the depositors in the light of the above discussion, the order passed by the Special Court calls for interference. The matter is remanded to the Special Court for fresh consideration - the Criminal Revision Cases are allowed.
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