RAMESH VISWANATHAN Vs. STATE OF KERALA

JUDGEMENT

(1.) The order in Crl.M.P. No.1995/2025 in S.C. No.1379/2024 dtd. 14/8/2025 on the files of the Additional District and Sessions Court-VII, Ernakulam (the Designated Court) under the Banning of Unregulated Deposit Schemes Act, 2019 [hereafter referred as 'BUDS Act, 2019' for short] is under challenge in this appeal filed under Sec. 19 of the BUDS Act, 2019, at the instance of the respondent in the above petition. As per the order impugned, after adjudicating a petition filed by the 2nd respondent herein, who is the petitioner in the above case, the Designated Court directed the competent authority to take possession of the assets mentioned in C.M.P. No.3234/2023, within one month from the date of receipt of the order.

(2.) Heard the learned counsel for the appellant, the learned Public Prosecutor and the learned counsel appearing for the 2nd respondent. Perused the order under challenge and relevant materials available.

(3.) The genesis of the case to be discernible is that, the 2nd respondent initially approached the competent authority to exercise its powers under Ss. 12 and 13 of the BUDS Act, 2019. But the competent authority was not inclined to pass any order and accordingly, the 2 nd respondent lodged C.M.P. No.1891/2023 as a private complaint before the Designated Court and after complying the procedure, the Designated Court took cognizance of the matter and accordingly, case as S.C. No.1379/2024 has been registered, alleging that the appellant herein committed offences under Ss. 21 and 22 of the BUDS Act, 2019. While the said case has been pending before the Court, C.M.P. No.3234/2023 has been filed by the 2 nd respondent before the Designated Court and on issuing notice to the respondent therein, an order was passed on 25/8/2023 by the Designated Court directing the competent authority to attach the property in terms of Sec. 18(c) of the BUDS Act, 2019. Thereafter, even though the competent authority is empowered to file an application within 60 days before the Designated Court, seeking confirmation of the attachment and sale of the property, invoking power under Sec. 15 of the BUDS Act, 2019, by the Designated Court, no action taken at the helm of the competent authority. Accordingly, again in the year 2025, the 2 nd respondent filed Crl.M.P. No.1995/2025 seeking interference of the Designated Court by exercising power provided under Sec. 18(c) of the BUDS Act, 2019 and the impugned order has been passed in exercise of the power given to the Designated Court under Sec. 18(c) of the BUDS Act, 2019.