SELF EMPLOYERS SERVICE SOCIETY Vs. COMPETENT AUTHORITY

JUDGEMENT

(1.) A charitable society called Self Employees Service Society, registered under the Travancore-Cochin Literary, Scientific and Charitable Societies Registration Act, 1955, approached this Court questioning the proceedings of the competent authority constituted under the Kerala Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act). The competent authority passed a provisional order invoking Sec. 7(3) of the BUDS Act, provisionally attaching all movable and immovable properties belonging to the society. A reasoned order has been passed. The question raised before the Court is that whether such a provisional order, without enlisting the movable and immovable properties, is legally sustainable and whether it is in the statutory form (Form 1) or not.

(2.) The learned Single Judge disposed of the matter relegating the appellant/petitioner to approach the Designated Court.

(3.) The learned counsel appearing for the appellant/petitioner argued in extenso and submitted that the impugned order is per se illegal as it does not contain the list of movable and immovable properties belonging to the society. It is further argued that Rule 4 of the Kerala Banning of Unregulated Deposit Scheme Rules, 2021 (BUDS Rules) prescribes the procedure to be followed for issuing such provisional order.