By
Tricitynews
Chandigarh
17th Jan,2019:- The high court of Punjab and Haryana
is all set to hear a bunch of petitions filed by LOIL group of companies,
Lakshmi Energy and Food Limited and ARK Imports challenging attachment of their
properties under the Maharashtra Protection of Interest of Depositors (MPID)
Act for their alleged involvement in Rs 5,600 crore National Spot Exchange
Limited (NSEL) scam.
The Economic Offence Wing (EOW) had registered an FIR
against NSEL in 2013. Following which notifications were issued by EOW in June
2016 attaching properties of various defaulters, including the properties of
LOIL group of companies, Lakshmi Energy and Food Limited and ARK Imports. These
companies then approached the HC contending that the MPID Act cannot be applied
outside the jurisdiction of Maharashtra. They have also claimed that their
properties, which are based in Punjab, cannot be attached under the MPID Act.
Also, NSEL has filed intervention applications in all these petitions as it was
not included as a respondent. According to NSEL, MPID Act is applicable on the
petitioners as they have carried out business on their exchange, which has a
registered office in Mumbai, Maharashtra.
NSEL has been working towards the recovery of money
from the defaulters and has successfully obtained decrees of about ₹3,600 crore. In the intervention
applications, the spot exchange has stated that the properties were attached by
the EOW “in order to secure interest of the investors and secure the amount due
and payable by the petitioners”.
Urging the HC to allow the concerned authorities to go
ahead with the legal process, NSEL has said that the stay order (by HC) would
only delay the process of recovery of dues from the petitioners and
investigation in Maharashtra.
The HC had earlier stayed attachment of properties of
the petitioner till final order. Seeking removal of the stay orders, NSEL has
said that the said orders were obtained by the petitioners by “concealing
material facts.
“The present petition has been field merely to derail
the recovery process which is against the interest of all the counterparties/
investors who are to receive the money from this recovery process,” reads the
intervention application filed by NSEL in the Lakshmi Energy & Foods
Limited.
The petitions by LOIL group of companies, Lakshmi
Energy and Food Limited and ARK Imports prays that the high court pass an order
observing that sections 6(1) and 14 of the MPID Act cannot be applied beyond
the state of Maharashtra. They have also sought that quashing of the
notifications by EOW attaching their properties.
