The  Company’s property  sequesters again    at 2245 hours

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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.

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