Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997

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, on receipt of complaints from depositors that Global Capital Trading Services had defaulted on returns and allegedly defrauded investors, issued a Government Order on 24‑12‑2012 attaching the immovable properties of the partners under Section 3 of the Tamil Nadu Protection of Interests of Depositors (In Fina…

The petitioners challenged the constitutional validity of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997 (as amended in 2003), arguing that it encroached upon Union legislative competence (entries 43‑45 of List I) and violated Articles 14, 19(1)(g) and 21 of the Constitutio…