ANTONY Vs. COMPETENT AUTHORITY

JUDGEMENT

(1.) THE criminal appeal is filed against the order passed in I.A.No.123 of 2004 on the file of the Special Court under Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Act, 1997, Chennai.

(2.) THE petitioners were prosecuted for the offences punishable under the Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Act, 1997 (in short TNPID Act). THE Government passed G.O.Ms.No.1028 Home (Courts II-A) Department dated 27.10.2003 making interim attachment of the properties of the petitioners/accused. THE said communication was received by the first respondent who is the competent authority under the said Act on 4.11.2003. THEre was a delay of 189 days in filing an application under section 4 of the TNPID Act by the competent authority to make the interim attachment absolute.

(3.) THE Trial Court, having come to the conclusion that section 4(3) of the said Act is only directory and not mandatory inasmuch as the TNPID Act is a beneficial legislation for the depositors who have lost their hard earned money, that there was no express provision under the Act excluding the purview of section 5 of the Limitation Act and that the delay of 189 days has also been satisfactorily explained by the first respondent, allowed the application filed under section 5 of the Limitation Act by the first respondent.