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IN THE HIGH COURT OF ORISSA AT CUTTACK
SIBO SANKAR MISHRA
Alok Kumar Dash – Appellant
Versus
State of Orissa – Respondent
| Table of Content |
|---|
| 1. petitioner invokes inherent jurisdiction. (Para 1 , 2) |
| 2. background of nmpcsl and investments. (Para 4 , 5) |
| 3. arguments regarding prosecution under opid act. (Para 6 , 7) |
| 4. interpretation of 'financial establishment' as per opid act. (Para 8 , 9) |
| 5. court's interpretation of 'control' in context. (Para 10 , 11) |
| 6. petitioner's control over financial affairs. (Para 12) |
| 7. conclusion dismissing the petition. (Para 13 , 14) |
Judgment :
The petitioner in this petition invoked the inherent jurisdiction of this Court under Section 482 of Cr.P.C. seeking quashing of the alleged offence punishable under Section 6 of the Odisha Protection of Interests of Depositors (In Financial Establishments) Act, 2011 (hereinafter referred to as “the OPID Act”) in C.T. Case No.13 of 2022 arising out of Kalinganagar P.S. Case No.224 of 2022 pending in the Court of the learned Presiding Officer, Designated Court under the O.P.I.D. Act, Cuttack.
3. The petitioner in this petition has questioned the invocation of offence under Section 6 of the OPID Act against him.
5. Heard Mr. Ashwini Kumar Das, learned counsel for the petitioner and Mr. Bibekananda Bhuyan, learned counsel for the OPID.
7. Mr.
The cooperative society's management is independent, and its status does not exempt it from liability under the OPID Act despite being state-registered.
The court ruled that cooperative banks fall within the definition of 'Financial Establishment' under the MPID Act, thereby affirming the Act's applicability to such entities despite their regulation ....
The court established that State legislation under the Maharashtra Co-operative Societies Act can apply to banking cooperatives without infringing on Central jurisdiction, affirming the dual regulato....
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 main legal point established in the judgment is that the petitioners did not misapply the funds of the bank and did not breach the powers conferred upon them for making the investment.
The central legal point established in the judgment is that the Maharashtra State Public Services (Reservation for Scheduled Castes, Scheduled Tribes, De-notified Tribes (Vimukta Jatis), Nomadic Trib....
The court reaffirmed that at the discharge stage, the focus is solely on whether prima facie evidence supports the charges against the accused, without delving into extensive inquiries.
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