2011 (5) TMI 1099 - SC - Indian Laws

Summary

Issues involved: Constitutional validity of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

Summary:
The Supreme Court heard the appeal against the High Court judgment declaring the Act unconstitutional. Referring to a previous judgment, the Court set aside the High Court's decision and upheld the Act as constitutionally valid. The Court clarified that the appeal was solely focused on the Act's constitutional validity and not other issues. An application to intervene was allowed, and a previous interim order regarding property disposal was modified to exclude properties claimed by the intervenor. The Court directed the intervenor's application under Section 7 of the Act to be decided on its merits by the Special Court. The appeal was allowed, and no further orders were deemed necessary on pending applications.