1. Direction sought to dispose of property and disburse proceeds to investors — Competent Authority permitted. (Para 2 )
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SUPREME COURT OF INDIA
K.G. BALAKRISHNAN, CJI., S.H. KAPADIA, JJ.
Sonal Hemant Joshi and Others – Appellants
Versus
State of Maharashtra and Others – Respondents
Criminal M.P. No. 752 of 2010, Criminal Appeal No. 1597 of 2005
Decided On : 11-05-2010
1. Direction sought to dispose of property and disburse proceeds to investors — Competent Authority permitted. (Para 2 )
2. Disposal of property and disbursement to investors in interest of justice, subject to prior claims. (Para 2 )
3. Competent Authority may be directed to dispose of property and disburse proceeds to investors, subject to prior claims. (Para 2 )
4. Criminal MP disposed of; Competent Authority permitted to dispose of property and disburse to investors; supersedes earlier order. (Para 2 , 3 )
The court may permit disposal of property and disbursement to investors in the interest of justice, subject to consideration of prior claims such as those of the Income Tax department. (Para 2 )
ORDER :
1. Heard learned counsel for the applicant, learned counsel for the State and also learned counsel for the accused.
2. The applicant/petitioner seeks a direction to dispose of the certain property by the Competent Authority. The Competent Authority is permitted to dispose of C.U. Marketing Company (described in Annexure A-2) by following the procedure (described in Annexure A-3) and to disburse the amount to investors accordingly in the interest of justice. If the Income Tax department has any prior claims, that also be considered by the Competent Authority and shall pass appropriate directions. This is in super-session of the order dated 18.11.2005 passed by this Court.
3. Criminal MP is disposed of accordingly.
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