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2023 (2) TMI 1147 - KARNATAKA HIGH COURTAttachment of Bank Accounts - public auction - equitable distribution among depositors of money realized from the assets - attachment of assets by public auction at optimum price - proportionate payment to the depositors of 4th respondent company under section 11 (2) (e) of the KPID Act 2004 - appointment of an expert for forensic audit of the 4th respondent company to unearth more assets - seizure of personal assets of directors and employees of the 4th respondent company - routing of of siphoning of remaining amount collected from the depositors by 4th respondent company - sale of newly attached assets by public auction for repayment to the depositors of 4th respondent - HELD THAT:- A person showing different identities of himself such as Sachin Naik @ Yogesh Chowdhary, Sumanthkumar Das, being MD of the company, attracted the depositors for investment. The unfortunate depositors fell prey to the attractive advertisements and the company lured nearly 3597 depositors and collected an amount to the tune of Rs.385 crore. When the depositors came to know that they are subjected to deceit mischief and breach of trust, they filed 60 complaints within the limits of Madiwala, Vidyaranayapura, Hennuru, HAL police station limits, Bangalore City. Considering the scope of mischief and offences whereby the provisions of the KPID Act were attracted, CID took over the investigation. In the investigation, it is revealed that there are as many as 13 accused persons including M/s.Dreamz Infra India Limited Company. During investigation, as many as 16 immovable properties were identified and subjected to action under the KPID Act, 46 sale agreements were recovered, movable properties worth Rs.9,46,74,030/- were seized which includes bank balance, mutual fund investment, car, etc. After conclusion of the investigation in 60 cases, project-wise 27 charge sheets were filed before the Competent Court – CCH No.1. The statements in the status report are supported by placing on record the copies of necessary notifications and the gist of the copies of the charge sheets filed before the Competent Court. The status report filed on 17.02.2023 includes a tabular statement under the caption ‘List of orders passed by the Hon’ble XCI Prl. City Civil and Sessions Judge (CCH-92), Bangalore in respect of Errant Financial establishment M/s. Dremz Infra Limited’. The cause raised in the PIL is duly addressed and redressed by the State Government by taking all necessary steps as per the requirement of law and now, it is for the Competent Trial Court to proceed with the trial and decide the matter - the charge sheets are filed before the Competent Court and in view of fact that if the parties to the proceedings before the Special Court make any application, the Competent Court would pass appropriate orders accordingly. As such, there are no reason to issue any separate directions to that effect. The perusal of record indicates that before filing of the charge sheets, certain orders were passed by the Civil Court. Being aggrieved by such orders, the aggrieved party had approached this Court by filing writ petitions and the order of the learned Single Judge are challenged in writ appeals. As the issue in the appeals can be separately dealt with, it is deemed appropriate to de-tag the present PIL from this pending appeals. Accordingly, the writ petition is de-tagged. Petition disposed off.
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