By our Legal Coresspondent
Kochi, June 24 (IVC) The Honourable High Court of Kerala had set aside the order of the sequestration of property of the Thrissur-based High Rich Online Shoppy (HROS) issued by a Special Court here. The court’s order was as per the provisions of the Banning of Unregulated Deposits Schemes (BUDS) Act.
As per the provisions of the BUDS Act, if one’s property was sequestered, the affected party should file an application in the concerned court within thirty days to get the sequestration order confirmed and if not, it is mandatory that at least within 60 days it is to be done. Justice P G Ajithkumar set aside the order of the special court, for failure of getting the sequestration order confirmed within the prescribed period.
In the order , it was stated that it was free to go ahead with the proceedings of attaching the property of the company again. The appropriate authority under the BUDS Act, the Additional Chief secretary, Sanjay Kaul had issued an order to sequester the property of the company on June 21, at 2245 hours.
The order of the Additional Chief Secretary has directed the Inspector General of Registration to take action for freezing the transaction and pledging of the company’s properties . The order also directed the Transport Commissioner to confiscate the company’s vehicles and the lead banks in the district to freeze the company’s accounts.
The company had filed an application in the concerned court after 71 days of the issue of sequestration order condoning the delay. The court had condoned the delay ASand confirmed the sequestration order. The High Court found that the Special Court had no powers to condone the delay Hence the High Court set aside the Special Court’s order of sequestering the property of HROS.
