IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE V.G.ARUN FRIDAY, THE 17^TH DAY OF JANUARY 2025 / 27TH POUSHA, 1946 CRL.MC NO. 158 OF 2025 IN CMP NO.6764 OF 2024 OF III ADDITIONAL DISTRICT COURT, THRISSUR / II ADDITIONAL MACT, THRISSUR PETITIONERS/RESPONDENTS:

1 GIVENTAKE. WORLD M/S. PRASANTH PANACHIKKAL ENTERPRISES PRIVATE LIMITED (FORMER PRASANTH PANACHIKKAL MARKETING PVT. LTD) ROOM NO. 23/326/53-1, FIRST FLOOR, NP TOWERS, REP. BY ITS MANAGING DIRECTOR, PRASANTH P A, AGED 42, S/O AMBUJAKSHAN, GURUVAYOOR ROAD, WEST FORT, THRISSUR, PIN - 680004

2 PRASANTH PANACHIKKAL AGED 42 YEARS S/O AMBUJAKSHAN, PANACHIKKAL HOUSE AARATTUPUZHA DESAM, AARATTUPUZHA VILLAGE, CHERPPU DESAM, THRISSUR, PIN -

680562 BY ADVS.

K.R.PRATHISH P.K.SREEVALSAKRISHNAN RESPONDENT/PETITIONER:

THE COMPETENT AUTHORITY (UNDER THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT)

REP BY THE DISTRICT COLLECTOR THRISSUR, FIRST FLOOR, CIVIL STATION, CIVIL LINES ROAD, KALYAN NAGAR, AYYANTHOLE, THRISSUR, PIN - 680003 BY ADVS.

ADVOCATE GENERAL OFFICE KERALA DIRECTOR GENERAL OF PROSECUTION(AG-10)

SHRI.P.NARAYANAN, SPL. G.P. TO DGP AND ADDL. P.P. ()

SHRI.SAJJU.S., SENIOR G.P.()

SRI. P. NARAYANAN, SPL. PP.

THIS CRIMINAL MISC. CASE HAVING COME UP FOR ADMISSION ON

17.01.2025, THE COURT ON THE SAME DAY PASSED THE FOLLOWING:

ORDER

Dated this the 17^th day of January, 2025 The 1^st petitioner is a digital platform providing facility to its members for carrying out account-to-account transfer by using UPI methods and through the company platform. The 2^nd petitioner is the Managing Director of the 1^st petitioner company. In the proceedings initiated against the petitioners under the BUDS Act, Annexure A5 order under Section 7(3) of the Act was issued. That order lapsed as it was not placed for confirmation before the Designated Court within the stipulated time. Thereafter, a fresh order under Section 7(3) (Annexure A7) was issued and submitted before the Designated Court for confirmation under Annexure A8, along with Annexure A9 application seeking condonation of delay of 30 days.

2. Learned Counsel for the petitioners submits that there is no provision for condonation of delay in filing the application for confirmation under Section 14(1) of the Act. To buttress the contention, reliance is placed on judgment in Annexure A10 in Highrich Online Shoppe Private Limited v. The Competent Authority (Crl.Appeal No.784 of 2024). It is further contended that the proceedings initiated as per Annexure A5 having lapsed, a fresh proceeding, on the same set of allegations, is not maintainable.

3. Learned Public Prosecutor contended that, insofar as the petition for confirmation is pending before the competent court, it is for that court to take a decision and it will be inappropriate for the High Court to pre-empt the Designated Court from taking its own decision.

There being merit in the submission of the Public Prosecutor, the Crl.M.C. is disposed of by directing the District and Sessions Court-III, Thrissur (Designated Court under the BUDS Act), to take a decision on Annexures A8 and A9 expeditiously, adverting to the law laid down in Highrich (supra). The contention that the proceedings having lapsed once, another order under Section 7(3) cannot be passed, is left open to be agitated before the Designated Court.

Sd/-

V.G.ARUN JUDGE SSK/17/01 APPENDIX OF CRL.MC 158/2025 PETITIONER ANNEXURES Annexure A1 TRUE COPY OF THE CERTIFICATE OF INCORPORATION REGARDING CHANGE OF NAME DATED 01.12.2021 ISSUED BY THE REGISTRAR OF COMPANIES Annexure A2 TRUE COPY OF THE LETTER DATED 09.02.2022 ISSUED BY THE REGISTRAR OF COMPANIES TO THE PETITIONER Annexure A3 TRUE COPY OF THE REPLY SUBMITTED BY THE PETITIONER TO THE REGISTRAR OF COMPANIES DATED 18.02.2022 Annexure A4 TRUE COPY OF THE REPRESENTATION PREFERRED BY THE PETITIONER TO THE SECRETARY, MINISTRY OF FINANCE ON 26.05.2022 Annexure A5 TRUE COPY OF THE ORDER DATED 01.03.2023 OF THE COMPETENT AUTHORITY UNDER THE BUDS ACT Annexure A6 TRUE COPY OF THE PROCEED