Govt introduces Bill to attach properties of fraudulent firms

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Chennai, May 13 (UNI) Tamil Nadu Law and PWD Minister Duraimurugan introduced a Bill in the state Assembly today with regard to attaching the properties of those firms, which have cheated gullible depositors after making tall claims.

The introduction of the Bill comes close on the heels of several companies cheating the public by promising gold coins and jobs after collecting huge sums of money from them.

According to the statement of objects of Bill, at present the Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Act, 1997 (Tamil Nadu Act 44 of 1997) provides that the competent authority shall make an application to the Special Court for making the ad-interim order of attachment absolute.

After making the ad-interim order of attachment absolute, the competent authority has to make an application to the court for the sale of property, so attached by public auction, and realise the sale proceeds.

In order to settle the dues to the aggrieved depositors expeditiously, the government decided to amend the Act suitably, so as to enable the competent authority to file an application to the court for making the ad-interim order of the attachment absolute and for sale of property attached simultaneously.

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