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Friday, February 3, 2023

HC ordered to sell property of chit fund companies, return money to depositors


BY TC News Desk

Agartala: January 21. Tripura High Court has directed the state and central government to sell all the properties of chit fund companies in the state and return them to the depositors.

While speaking with advocate Purushottam Roy Barman said that two bench of Tripura High Court including acting Chief Justice T Amarnath Gaur and Justice Arindam Lodh has directed the state and central government to confiscated all the assets of the chit fund companies and after selling it the fund should be return to depositors.

“The court has also ordered to attach all the properties in the state of Tripura; Put the attached properties to auction by making a wide publication in print and electronic media. The auction would be by way of tender and also in the mode of physical and e-auction. The advertisement of this auction shall be globalized. The auction proceeds shall be accounted and the scheme shall be formulated for disbursement of the amount to the Distributors proportionately”, the court order said.

The order copy further reads that the court has directed the state and central government to block the passports, PAN cards, Aadhar cards, Credit cards and Debit cards of the Directors and partners of the respondent defaulted company.

“They shall be arrested and be remanded before the concerned courts. This exercise shall be completed on or before the next date”, the order reads. The next date of the case is April 20.

Later, advocate Roy Barman further informed that around 172 FIRs were filed against 40 Chit fund companies including Rose Valley.

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