JUDGMENT

VINEET SARAN, C.J. - The petitioner, Seashore Securities Limited (a company registered under the Companies Act, 1956) has, though filed this application assailing vires of the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 (for short ‘Act, 2011’) and the Odisha Protection of Interests of Depositors (in Financial Establishments) Rules, 2013 (for short ‘Rules, 2013’), but is in fact aggrieved by proceedings initiated against its seven directors, under the provisions of Act, 2011 and Rules, 2013.

2. The factual matrix of the case is that, on the basis of various petitions and information received, an enquiry was entrusted to the Superintendent of Police, Criminal Investigation Department (CID), Crime Branch (CB), Economic Offence Wing (EOW), Odisha, Bhubaneswar to verify the allegations that Seashore Group of Companies (out of which the petitioner company is one) are collecting public deposits to the tune of crores of rupees from members of general public by alluring them with high interest rate, etc. and promising to pay them heavy return. The company, after collecting huge amount of deposits from the members of gener