2023 (9) TMI 1494 - HC - Indian Laws

Implementation of direction of this Court dated 20.05.2022 - suggestion for release of amount in favour of the identified small depositors in three deferential categories - HELD THAT - This Court finds there is no difficulty in the release of minimum sum of Rs. 8,000/- in favour of the identified depositors/investors. Finding clear statement of Mr. Kanungo, learned senior counsel for the Petitioners that there has been already payment of Rs. 10,000/- in favour of the 15000 and odd depositors, the Competent Authority while commencing the release process shall indentify such investors and to see that there is no payment over and above the deposit by any investor or depositor - Let there be complete disbursal of the amount at least within a period of two months from the date of communication of this order by the Petitioner. Application disposed off.

Summary

Issues:
Release of deposited amounts to identified depositors/investors in compliance with court directions.

Analysis:
The judgment pertains to a case where the court addressed the issue of releasing deposited amounts to identified depositors/investors in accordance with previous court orders. The court noted the communication from the Government of Odisha Finance Department regarding the difficulty in meeting the deposited amount for release to depositors/investors. The Competent Authority suggested an equitable distribution of Rs. 8,000 each to identified depositors in three categories, which was not disputed by the counsel. The court found no difficulty in releasing a minimum sum of Rs. 8,000 to the identified depositors/investors based on the submissions and correspondence presented.

The court, in partial modification of the previous order, directed the Competent Authority to complete the release proceedings in favor of identified investors/depositors with at least Rs. 8,000 each. It was emphasized that the release process should identify investors who have already received Rs. 10,000 to ensure no duplicate payments are made. The court ordered the complete disbursal of the amounts within two months from the date of communication of the order by the Petitioner. Consequently, the court disposed of the Interlocutory Application (I.A.) and instructed to provide a free copy of the order to the respective counsels involved in the case.