Cuttack: A special court handling chit fund cases Tuesday directed Odisha government to distribute Rs 63.55 crore, deposited in the court account as bail guarantee by managing director and promoters of a Bhubaneswar-based firm, equitably among the duped depositors who had invested money in the company’s land scheme.
Presiding officer of the designated court EB Rao, allowed an injunction application of Cuttack ADM-cum-Competent Authority and asked the government to take possession of the deposit of Rs 63,55,49,227 along with the interest accrued thereon.
The court, formed under the Odisha Protection of Interest of Depositors (OPID) Act, asked the state government to distribute the same equitably among the identified investors of the land scheme floated by M/s Hi Tech Estates and Promoters Pvt Ltd of Bhubaneswar.
The court account comprised deposits made by the arrested managing director and promoters of the estate farm while they were allowed to go on bail by the Supreme Court.
The apex court in July 2017 had directed that the deposited amount would be distributed among the duped investors as per provisions of OPID Act.
Subsequently, the state government in an ad interim order in January 2018 had attached the deposits. As per the provisions of the Act, the competent authority had moved the designated court to take possession of the deposits for its distributions among the duped investors.
After examining the witnesses, the court passed the order bringing relief to the investors.
PNN
