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IN THE HIGH COURT OF KERALA AT ERNAKULAM
A.BADHARUDEEN
Ramesh Viswanathan, S/o. Viswanathan (Late) – Appellant
Versus
State of Kerala – Respondent
| Table of Content |
|---|
| 1. challenges to orders under buds act (Para 1 , 3) |
| 2. arguments on procedural violations (Para 4 , 5) |
| 3. authority and process of asset attachment (Para 7 , 8 , 9 , 12) |
| 4. court's directive for possession and sale of assets (Para 18) |
| 5. conditions for appeal success and further proceedings (Para 22 , 23) |
| 6. directive for court appearance and compliance (Para 24) |
JUDGMENT :
The order in Crl.M.P. No.1995/2025 in S.C. No.1379/2024 dated 14.08.2025 on the files of the Additional District and Sessions Court-VII, Ernakulam (the Designated Court) under the Banning of Unregulated Deposit Schemes Act, 2019 [hereafter referred as ‘BUDS Act, 2019’ for short] is under challenge in this appeal filed under Section 19 of the BUDS Act, 2019, at the instance of the respondent in the above petition. As per the order impugned, after adjudicating a petition filed by the 2nd respondent herein, who is the petitioner in the above case, the Designated Court directed the competent authority to take possession of the assets mentioned in C.M.P. No.3234/2023, within one month from the date of receipt of the order.
3. The genesis of the case to be discernible is that, the 2nd respondent initially appr
The court found a procedural violation in not issuing statutory notices for asset attachment but allowed re-evaluation of the case, emphasizing the principles of natural justice while establishing th....
The provisions of Section 14(1) of the BUDS Act exclude the application of Section 5 of the Limitation Act, meaning that any delay in filing for confirmation of attachment beyond the specified period....
Provisional attachments under the BUDS Act must be confirmed by the Designated Court within statutory timelines; failure to do so renders the attachment invalid.
The Designated Court under the OPID Act is not required to identify affected persons or quantify the money for equitable distribution, as per the provisions of the OPID Act.
The Banning of Unregulated Deposit Schemes Act allows for the attachment and sale of property to ensure repayment to depositors without requiring a prior conviction of the deposit takers.
The attachment of properties under the OPID Act, validated by proper procedural compliance, emphasizes the necessity of safeguarding depositor interests despite ex parte proceedings not infringing up....
The appeal was dismissed as the Designated Court's order for attachment of properties was found to comply with legal provisions without procedural violations, affirming the necessity of following sta....
Judicial review mandates hearing all parties with interests in property before confirming attachment orders under PMLA.
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