Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999

The Supreme Court examined the Central Government's order under Section 396 of the Companies Act, 1956 that compulsorily amalgamated 63 Moons Technologies Ltd. (FTIL) with its wholly‑owned subsidiary National Spot Exchange Ltd. (NSEL). The Court held that the order was ultra vires because the statutory conditions prece…

The Supreme Court examined the bail granted by the Nagpur Bench of the Bombay High Court to respondent No.1, who was accused of conspiracy, cheating, forgery and criminal breach of trust in a massive financial scam involving a cooperative society. The prosecution alleged that the respondent withdrew approximately ₹9 cr…

New Horizon Sugar Mills Ltd and its directors, who had guaranteed a bank loan, defaulted and faced attachment of their properties under the Pondicherry Protection of Interest of Depositors in Financial Establishments Act, 2004. They challenged the validity of that Act and a government order attaching properties, arguin…

The State of Maharashtra sought attachment of the properties of 63 Moons Technologies, which holds 99.99% of National Spot Exchange Ltd. (NSEL), under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, alleging that NSEL is a financial establishment that accepted deposits and …

The State of Maharashtra filed a criminal appeal against Avinash, who had been arrested in connection with a fraud involving Rs 2.74 crore. While on bail, Avinash’s bank accounts were attached under Section 102 of the CrPC. He first sought to quash the FIR and have his accounts de‑frozen before a Division Bench, but wi…