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.... Submissions ………………………………………………………………………………… 17C. Analysis ……………………………………………………………………………………….. 25C. 1 Framework of the MPID Act …………………………………………………………. 25...Section 2(c) and 2(d) of the MPID Act ……………………………………………… 40C. 3.1 Settlement Guarantee Fund : Deposit under Section 2(c) of the MPID Act …………………………………………………………………………………………. 46...Constitutional Validity of the MPID Act …………………………………………. 65C. 6 The High Court's Judgment …………………………………………………………. 711. The appeal arises from a...
...submits that revision under section 397 Cr.P.C. was then withdrawn. Effort in present application under section 482 of Cr.P.C. is thereafter to show that invocation of sections 3 and 4 of MPID Act is not...possible.2. We are taken through sections 4 and 14 of the MPID Act with contention that no trial for offence under section 3 or under section 4 commences unless procedure stipulated in..., Mumbai in Sessions Case No. 37/2004 wherein while mentioning crime number, sections noted are Ss. 406, 420, 120-B of IPC read with S. 3, 4 of MPID Act.5. Our reading of section 4 of...
...Interest of Depositors (In Financial Establishments) Act 1999 (for short 'MPID Act') in MPID case No.1 of 2014 on the file of the MPID Court, Mumbai.
It is submitted that the...provisions of the MPID Act will not have operation beyond the territorial jurisdiction of Maharashtra State. Further, mere attachment of the properties under the provisions of the MPID Act would not...Interest of Depositors (In Financial Establishments) Rules 1999 which is not in consonance with the MPID Act, more particularly, Section 10 of the MPID Act. It is submitted that neither conviction is...
...Depositors Act, 1999 (‘MPID Act’). The Appellant Mr. Suresh Shetty is the original accused in CR No. 10 of 2003 registered with Mulund Police Station, Mumbai for offences punishable under Sections 406, 420...filed by the investigating agency. The case is pending before the Special Judge under MPID Act.3. It is the case of the complainant-second Respondent that the Appellant had started an...arrested on 11 March 2003 and was released on bail on 14 April 2003.4. The Special Judge under MPID Act passed an order on 24 July 2003 directing the Appellant to deposit Rs. 2.45 crores...
...A.M. Badar, J.:— This appeal is directed against the Order dated 25/06/2015 passed by the learned Special Judge MPID Act, Sessions Court at Mumbai allowing with the application under...Section 8 of the (The Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act (hereinafter referred to as ‘MPID Act’ for the sake of brevity) preferred by the competent...Authority appointed under Section 5 of the MPID Act. By the said application, direction was sought against the present appellant, who happed to be creditor of the original accused.2. Heard...
...under the MPID. Act [Maharashtra Protection of Interest of Depositors (In Financial Establishment) Act, 2005 ] in Misc. Application No.
1...clarification regarding disposal of property at Sr. No. 2 of the notification published by the Government under Section 4 of the MPID Act. The description of the property is as under...mentioned in the notification under Section 4 of the MPID Act. The order of the Government dated 12.2.2004 under Section 4 of the MPID Act bearing No. CH-10/2001 / 574/POL -12 is also notified in the...
...been instituted against him under Sections 406 and 420 of the Indian Penal Code read with the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (for short “MPID...day on a conclusion that the provisions of Section 167(2) CrPC have no application to cases pertaining to the MPID Act. The accused, therefore, preferred a criminal application before the Bombay High...the Bombay High Court, on examination of the relevant provisions of the MPID Act, more particularly, Sections 13 and 14 thereof, and relying upon the judgment of this Court in...
...1999 ("the MPID Act") are entirely denuded and reduced to meaninglessness when the financial establishment in question is a corporate entity in liquidation. In that situation, Mr Kumbhakoni...priority prescribed by statute, that is to say by the Companies Act. Only whatever is left, and Mr Kumbhakoni says there is almost always nothing left, is then made available to the MPID Court for...Act, Mr Kumbhakoni says.
2. We have understood his submission to mean that while there may not be a repugnancy between the Companies Act and the MPID Act, that is...
...and for the purpose of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (Act No.XVI, 2000) (hereinafter referred to as 'the MPID Act').
...
Managing Director and other Directors for the offences punishable under sections 409, 420, 477(A), 120(B) of Indian Penal Code, 1860 and section 3 of MPID Act. The...State in exercise of the powers under sections 4, 8 and 12 of the MPID Act and various properties of the said company and other related and unrelated companies have been attached. Pursuant to the...
...) of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (for short, “MPID Act”) to support his argument that unless the procedure prescribed by these...provisions is followed, no attachment of any property including moneys kept in bank accounts or no seizure of any account can be made. He further submits that the MPID Act overrides other laws in view of...Section 14 thereof.6. Section 14 of the MPID Act provides that the MPID Act overrides other laws and the provisions thereof shall have effect notwithstanding anything inconsistent therewith...
...issued under sections 4 and 5 of the Maharashtra Protection of Interest of Depositors (In Financial Establishment) Act, 1999 (for short “the MPID Act”). By the said notification, the petitioners...' properties at Pune and Aurangabad came to be attached. The competent authority appointed under section 5 of the MPID Act, thereafter, applied for confirmation of the attachment order. On application of the...competent authority, the designated Court passed an order under section 7(4) of the MPID Act thereby confirming the attachment order. The petitioners challenged the...
...passed upon it on 24/4/2018 by Special Judge, MPID Act, Mumbai. It appears that this Misc. Application was moved in FIR No. 62 of 2017.5. The Special Court has found that further...investigation in terms of section 173(8) of the Code of Criminal Procedure, 1973 was going on and till then investigating officer had not invoked provisions of MPID Act at all.6. The..., we find in the interest of justice to restore the request moved by the petitioners vide MPID Misc. Application No. 1329 of 2017 back to the file of Special Judge, MPID Act, Mumbai. Petitioners through...
...
25, 2022 passed by the Designated Court under the provisions of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (for short, "the ...the prayer of Respondent No.1 vide application moved under Section 9 of the MPID Act, seeking furnishing of security in lieu of attachment came to be allowed.
3...to be registered pursuant to the F.I.R. dated September 30, 2013 for the offence punishable under the provisions of the Indian Penal Code (for short, "the IPC") and the MPID Act.
2...
...Maharashtra
4. The Competent Authority under MPID Act, 1999 AND
The Deputy Collector, Malad, Mumbai .. Respondents
….
Mr..., Mumbai (under the MPID Act), i.e. in March 2011, the SARFAESI Act would override the provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (for...short, "MPID Act").
6. Learned Counsel for the petitioner relied on the judgment of this Court in the case of (i) Invent Assets Securitisation and Reconstruction Pvt...
...crime No. 392/2015 for offence punishable under sections 420 and 406 read with 34 of the Penal Code, 1860 and sections 3 and 4 of the Maharashtra Protection of Investors and Depositors Act (‘MPID Act’ for...released on regular bail whereas accused Nos. 3, 5 and 7 are released on pre-arrest bail. Apart from claiming parity, the submissions are, the provisions of MPID Act are not attracted in the case in hand...and support is drawn by relying on the provisions of section 2(c)(vii) of the MPID Act. A further submission is, maximum punishment is 6 to 7 years under the MPID...
...Maharashtra, Through Home Secretary, Govt. of Maharashtra Second Floor, Mantralaya, Mumbai - 400 032.
2. Deputy Collector & Competent Authority (NSEL) Under MPID Act, 1999...Establishment) Act, 1999 (for short 'MPID Act'), whereby the Respondent No.1 has attached the agricultural land of Petitioner Nos.1 to 3 and residential house of Petitioner No.4....
3. At the outset, the learned Special Counsel for the Respondents submitted that the Petitioners have an alternative remedy under Section 7(3) of the MPID Act by filing an objection to the...
...invocation of sections 3 and 4 of the mpid act qua the Petitioner in relation to CR. No. 89 of 2013 registered with EoW, Unit-V, which is now numbered as Case No. 1 of 2014 before the Special...“the MPID Act”.5. The Petitioner-NSEL is a company registered under the Companies Act, 1956. It...sections 409, 465, 467, 468, 471, 474, 477(A) read with 120(B) of the Indian Penal Code, 1860. Subsequently, provisions of the MPID Act were invoked pursuant to which the...
...under Maharashtra Protection of Interest of Depositors Act (MPID Act) at Bombay City Civil and Sessions Court, Mumbai registered as Misc. Application No. 91 of 2015 in CR No.... 78 of 2013. By an order dated 13 October, 2015, the Special Judge, MPID Act and Additional Sessions Judge, City Civil and Sessions Court, Mumbai rejected the application.2. The counsel...were illegal and the same are under scanner. Learned prosecutor further submits that under the provisions of the MPID Act, at appropriate stage, the appellant may raise this issue and the same shall be...
...the applicants in relation of Section 3 of Maharashtra Protection of Interest of Depositors [In Financial Establishments] Act, 1999 [hereinafter, in short, referred as “MPID...provisions, the case filed against the applicants for the offence punishable under Section 3 of the MPID Act needs to be quashed and set aside. He took this Court through the rules also and he placed...the point involved. There was challenge to Tamil Nadu protection of Interests of Depositors [in Financial Establishments] Act, 1997. The Apex Court considered the provisions of MPID Act by observing...
...provisions of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (hereinafter referred to as "MPID Act") against a "Financial Establishment", as contemplated...under the MPID Act, can be challenged not before the Designated Court under the MPID Act but before the National Company Law Tribunal (hereinafter referred to as
"NCLT...Debtor as contemplated under I.B. Code, which is also the Financial Establishment under the MPID Act and de-freezing of the corporate Debtor's account attached in MPID proceedings is ordered. This...