Home ODISHA LATEST HC defers chit fund case hearing

HC defers chit fund case hearing


high court
OST Bureau
Cuttack, Aug 5

Expressing displeasure over the failure by one of the chit fund companies to furnish details of the investments made in the company by investors, the Odisha High Court on Monday deferred the hearing of the case. The hearing is likely to resume next week, sources said.
A division bench of the court comprising Chief Justice C Nagappan and Justice Indrajit Mohanti expressed displeasure over the insufficient information provided by Green Ray International and asked it to provide all the details about the investors and their investments since the incorporation of the company.
The court, in its order on July 22 this year, had asked Green Ray International to furnish the details. However, the company provided only part of the information pertaining to 2011-12 and 2012-13 fiscal.
Alleging that they are unable to return money to the investors as their bank accounts have been seized by the state Crime Branch, six companies, including Green Ray International, had sought the intervention of the High Court in this regard. The High Court had earlier asked the state government to submit the case diaries of these companies.