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TNPID Querries June 2021
TNPID Querries June 2021
, Judgements
Total Judgements 19
OS Property judgements 11 All attachment petition approved-
Final Case Judgements 19-11=8
Convict
Judgement date Judgement Sections Observation
/Acquit
CC/11/2019 / 22-04-2021 I Year RI +Rs1000 406 IPC
1 Convicted Chit fund
Markantan -PP 4 Year RI +Rs5000 Sec 5 TNPID
5 Acquitted 4 Year RI +Rs5000 1 Mnth Trail/ 4 mnth for
Ranjith -Defense. 420 IPC
I Year RI Judgement
Sec 4 Prize /Chit
PETITION PLEA
permit him to examine and settle the dues to remaining depositors under SEC.311 OF CR.P.C.
PETITION BACKGROUND
• Petitioner IN JUDICIAL CUSTODY for 8 months
• Had Settled 7 depositors; balance 77 out of 89 depositors have to be settled.
• 4 years after evidence recording-
• NBW arrest was executed because of delay tactics
JUDGEMENT
PETITION DISMISSED. PETITIONER BACK TO PRISON.
PETITION PLEA
TNPID calendar case , u/s.5 of TNPID Act, 420, 406, 120(B) IPC
PETITION BACKGROUND
• 64 depositors / 14 Complainants
• Had Settled 10 depositors;
. Had remitted funds for further settlement.
• 4 depositors claimed Cheating case and had not taken settlement
JUDGEMENT
3 persons Convicted under 406 IPC and u/s.5 of TNPID Act, (1+ 4 years + Fine)
Punishment specified each of the 4 Counts, Concurrent Punishment
No Punishment under IPC 420 and 120 (B)
PETITION PLEA
TNPID calendar case , u/s.5 of TNPID Act, 420, 406, 120(B) IPC
PETITION BACKGROUND
• 5 depositors / Rs.41 Cr. Deposit.
• Company closed
• Arbitrator award -Rs.15 Cr by Company & Rs.7cr each by two partners
• One Partner had filed Insolvency.
• Another Partner settled as per arbitrator agreement
• Most transactions had Promissory Note / Cheque security.
JUDGEMENT
Both accused Convicted u/s 406 IPC and 5 of TNPID Act, (1+ 5 years + Fine)
Concurrent Punishment
No Punishment under IPC 420 and 120 (B)
MAIN CONSIDERATIONS IN JUDGEMENT
- Investment and subsequent breach of trust is proved
-All settlements done privately and then informed to Court,
PETITION BACKGROUND
Permission was granted by TNPID to effect a private sale of attached property and do
settlement.
.
JUDGEMENT
Permission granted by TNPID, the sale of the property are set aside
PETITION BACKGROUND
Permission to attach a Property by DRO – which was sold in a suspicious manner
before attachment date to a private Party .
.
JUDGEMENT
TNPID allows making the attachment absolute, the sale of the property before
attachment date termed as Malafide
MAIN CONSIDERATIONS IN JUDGEMENT
Strong observations on mal-practices that are followed in TNPID property cases.
TNPID Madurai -8 Mar 2021 (Ref erence)
PETITION BACKGROUND
Permission to attach a Property by Competent authority – which was under
hypothecation to Banks .
.
JUDGEMENT
TNPID allows making the attachment absolute, the sale proceeds by public
auction is to be distributed to Banks on Priority basis.
MAIN CONSIDERATIONS IN JUDGEMENT
Clear observations on Bank claims in TNPID property cases.
Banks to receive Interests.
PETITION BACKGROUND
TNPID completed a case and ordered acquittal and released Attached Properties.
One depositor proved that not all depositors were addressed by TNPID.
JUDGEMENT
High Court sets aside the TNPID judgement of Acquittal and orders
reinvestigation and Retrial.
MAIN CONSIDERATIONS IN JUDGEMENT
Knowledge of the TNPID judge on Missing depositor’s name cited.
String strictures against Investigating authority.