Cuttack, Dec 24: A special court here dealing with chit fund-related cases today ordered Odisha government to sell through public auction the attached properties of a company and to distribute the sale proceeds equitably among the small investors in the firm.
The designated court of P K Sasmal ordered the Cuttack ADM to confiscate the properties of M/s GLP Developers Ltd worth Rs 87.48 crore after upholding the order of attachment passed by the state government earlier this year. Cuttack ADM B B Das is the applicant-petitioner and competent government authority in the case.
This court had also passed similar orders earlier in M/s Rose Valley and M/s Astha International cases giving a ray of hope to investors in chit fund companies to get back their invested money. The cases were decided ex-parte as company authorities did not appear in courts despite repeated summons.
The Economic Offence Wing (EOW) of state police had seized the properties of M/s GLP Developers Ltd which include 75 decimals of land and buildings on it worth over Rs 3 crore, several bank accounts having deposits of over Rs 80 crore and hard cash of nearly Rs 50 lakh from many branches of the company.
