been filed against one Rajkumar
Basantani under various sections of the MPID Act . It would be
Page 2 of 29
J.V.Salunke ... Investigating Officer Inamdar was not such competent authority.
Further, section 8 of the MPID Act can be invoked only if the
properties already notified
offences
punishable under sections 409 , 420 , 477(A) , 120(B) of Indian
Penal Code, 1860 and section 3 of MPID Act. The petitioner ... prescribe.
18. Section 76-A of the Companies Act, 2013 provides punishment for
contravention of the provisions contained in section 73 or section
Maharashtra appointed
the Competent Authority as contemplated under Section 5 of the
MPID Act and consequent action of attachment and liquidation
of assets ... Designated Court under Section 6 thereof with specific
powers conferred under Section 7 thereof, demonstrate the
emphasis under the MPID Act for protection
respondent No.1 while exercising powers under
Section 4(1) and Section 5(1) of MPID Act issued
Page ... MPID Act. It is submitted that section 4 read
with section 3 of the aforesaid Act and the Rules
confer powers on the State
against which the deposits were received in terms of
Section 4 of the MPID Act, 1999, the properties of its promoters
i.e. petitioners ... petitioner has raised a challenge
that in terms of Section 4 of the MPID Act, the Government
Tilak
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Maharashtra appointed
the Competent Authority as contemplated under Section 5 of the
MPID Act and consequent action of attachment and liquidation
of assets ... Designated Court under Section 6 thereof with specific
powers conferred under Section 7 thereof, demonstrate the
emphasis under the MPID Act for protection
Division filed application
Exhbit 1-B invoking section 5(3) of the MPID Act on 16 th July,
2016, pursuant to which, a notice ... relevant and germane materials and whether in terms of sub-
section (3) of section 5 was it necessary for the Designated Court
to render
Section 4 of
the Maharashtra Protection of Interest of Depositors Act in Financial
Establishments Act, 1999 (hereinafter referred to as ‘ MPID Act ’).
3. Learned ... Maharashtra Act and the Tamil Nadu Act.
59. […] The objects of the Tamil Nadu Act, the
Maharashtra Act and the Pondicherry Act being the same
company and nine others, under Section 420 read with Section 34 of IPC and Section 3 and 4 of MPID Act. The prosecution, pursuant ... within the meaning of Section 2(1)(d) of the C.P. Act.
8. Section 3 and 4 of the MPID Act read
offences punishable under
Section 120-B, 406, 420 r.w. 34 Indian Penal Code and under Section 3 of
MPID Act, 1999. The said ... MPID Act, 1999."
38 Inviting our attention to the Prevention of Corruption Act,
1988 and particularly Section 4(3) thereof, what has been
