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SC Upholds State’s Power To Attach Properties Of ‘Defaulting’ Financial Establishments

The Supreme Court, in State vs KS Palanichamy, has upheld the state government’s power to issue ad interim order under Section 3 of the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997, attaching the immovable properties belonging to a financial establishment which defaults in returning deposits after maturity or fails to pay interest on deposit or fails to provide
any service for which the deposit has been made, basing on the complaint of investors.

 Article referred: http://www.livelaw.in/sc-upholds-states-power-attach-properties-defaulting-financial-establishments/

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