P. RAVEENDRAN PILLA Vs. STATE OF KERALA

JUDGEMENT

(1.) The issues involved in all these writ petitions are pertaining to the conduct of an "Unregulated Deposit Scheme" by Popular Group of Companies and its office bearers, directors,promoters etc.

(2.) The reliefs sought in W.P.(C)No.20828/2020, 20864/2020, 20902/2020 includes a direction to respondent No.2 to notify a Designated Court under Section 8 of the Banning of Unregulated Deposits Scheme Act, 2019 ( for short BUDS Act) and issue a direction commanding the 3rd respondent to make necessary reference to the first respondent under Section 30 of the BUDS Act and further command the first respondent to transfer the investigation to the 4 th respondent CBI, besides the relief of writ of mandamus directing respondent No.5 to 8 to ascertain the scheme, if any, floated by Popular Finance Group of Companies and to initiate proceedings under the BUDS Act.

(3.) The reliefs sought in Writ petition Nos.18490/2020, 18397/2020, 19025/2020, 18712/2020 and 18852/2020 are (1) issue a direction to initiate proceedings under the Kerala Protection of Interest of Depositors in Financial Establishment Act, 2013 ( Act 7 of 2015) ( for short KPID Act)as against the owners, directors and promoters of Popular Group of Companies and Firms, including respondent No.7 to 14, (2) for an interim order commanding the first respondent to attach all properties including bank lockers and deposits of the Popular Group of Companies and Firms and its branches in the State of Kerala along with all movable and immovable properties, including the properties of respondents 7 to 14, (3) issue a direction to appoint competent authority and special court under the said Act, (4) issue direction to the 6th respondent to take action against the said firm and the respondents 7 to 14, in terms of Reserve Bank of India Act , 1934 and other relevant provisions and (5) direct respondents 1 and 6 to initiate steps in accordance with law for recovery and return of deposit amount and such other reliefs.