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Chit fund: Move to expedite functioning of designated courts


OST Bureau
Bhubaneswar, Nov 6:
Expediting the process of implementing the newly enacted Odisha Protection of Interest of Depositors (in Financial Establishments) Act, 2011 to initiate trial in the multi-crore chit fund case, the state government today informed that four additional district judges have been appointed in the designated courts in Balasore, Berhampur, Cuttack and Sambalpur that would function soon.
A high level meeting chaired by chief secretary JK Mohapatra decided to expedite the process to get the designated courts functional to deliver justice to the people and attach the property of the chit fund companies as soon as possible.
“The newly enacted law has been implemented in the state and we have appointed judges in the designated courts. Besides, Additional District Magistrates (ADMs) of these four places have also been declared as the competent authorities to deal with the attachment of property of the companies involved in the chit gate,” additional chief secretary (finance) UN Behera told media persons here.
The ADMs have been entrusted to deal with the attachment and sale of the properties.
The competent authority will seek the designated court’s permission and take custody of the seizure following which the latter will hold a hearing to decide on the auction as well as reimbursement process. Thereafter, it will chalk out a list of investors eligible for repayment, said sources.