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HIGH COURT OF KERALA
P.SOMARAJAN, J
SAJESH K.SAM – Appellant
Versus
STATE OF KERALA – Respondent
WP(C)/18781/2020
Unregulated Deposit Schemes - Popular Group of Companies - BUDS Act - Section 3, 30 - The BUDS Act prohibits unregulated deposit schemes, and the court emphasized that the act's provisions take precedence over state laws, enabling investigations into significant public interest offenses.
Fact of the Case:
Various writ petitions were filed by depositors against the Popular Group of Companies, challenging their unregulated deposit scheme operations and seeking judicial intervention to initiate investigations under the BUDS Act and KPID Act due to significant financial losses.
Finding of the Court:
The court found that the respondents were conducting an unregulated deposit scheme that violated the BUDS Act. It directed the state to establish rules and appoint a designated court, and the CBI to take over the investigation for cases involving significant public interest.
Issues: The main issues involved the applicability of the BUDS Act and KPID Act to the respondents' operations, the authority to transfer investigations to the CBI, and the absence of state rules and a designated court for handling such deposit-related offenses.
Ratio Decidendi: The court established that the BUDS Act has overriding authority over state laws regarding unregulated deposit schemes and mandated that investigations be comprehensive and include offenses affecting multiple jurisdictions and significant public interests.
Final Decision: Writ petitions granted; the state instructed to appoint a designated court and establish rules under the BUDS Act, while the CBI was directed to take over the investigation.
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE P.SOMARAJAN MONDAY, THE 23RD DAY OF NOVEMBER 2020 / 2ND AGRAHAYANA, 1942 WP(C).No.18199 OF 2020(Y)
PETITIONER:
P. RAVEENDRAN PILLA, ADVOCATE, AGED 69 YEARS, S/O.PARAMESHWARA PILLA, “SAMANUWAYAM, T.C.4/1702, BELHAVEN GARDENS, KOWDIAR P.O., THIRUVANANTHAPURAM - 695 003.
BY ADV. SRI.SANJAY THAMPI RESPONDENTS:
1 STATE OF KERALA REPRESENTED BY THE CHIEF SECRETARY, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM - 695 001.
2 DIRECTOR GENERAL OF POLICE, KERALA STATE POLICE HEAD QUARTERS, VAZHUTHACAUD, THIRUVANANTHAPURAM, KERALA - 695 010.
3 THE REGIONAL DIRECTOR, CENTRAL BUREAU OF INVESTIGATION, SPECIAL CRIME BRANCH, TC 1757/5, “CBI OCR COMPLEX”, MUTTATHARA, VALLAKADAVU, THIRUVANANTHAPURAM - 695 008.
4 THE SUPERINTENDENT OF POLICE, RING ROAD, THAZHEVETTIPRAM, PATHANAMTHITTA - 689645.
5 THE STATION HOUSE OFFICER CANTONMENT POLICE STATION, STATUE, PALAYAM, THIRUVANANTHAPURAM - 695 001.
6 ROY THOMAS DANIEL S/O.DANIEL, MANAGING PARTNER, MY POPULAR MARINE PRODUCTS LLP, HAVING REGISTERED OFFICE AT 13/575, POPULAR TOWER, VAKAYAR P.O., KONNI, PATHANAMTHITTA - 689 698.
7 PRABHA THOMAS W/O.ROY THOMAS, DIRECTOR, POPULAR FINANCE PVT.LTD.
AND POPULAR NIDHI PVT.LTD., PARTNER OF MY POPULAR MARINE PRODUCTS LLP, HAVING REGISTERED OFFICE AT
13/575, POPULAR TOWER, VAKAYAR P.O., KONNI, PATHANAMTHITTA - 689 698.
8 DR.RENU MARIYAM THOMAS, D/O.ROY THOMAS, DIRECTOR POPULAR FINANCE PVT.LTD., POPULAR NIDHI PVT.LTD., PARTNER OF MY POPULAR MARINE PRODUCTS LLP, HAVING REGISTERED OFFICE AT
13/575, POPULAR TOWER, VAKAYAR P.O., KONNI, PATHANAMTHITTA - 689 698.
9 DR.RIYA THOMAS D/O.ROY THOMAS, DIRECTOR POPULAR FINANCE PVT.LTD., POPULAR NIDHI PVT.LTD., PARTNER OF MY POPULAR MARINE PRODUCTS LLP, HAVING REGISTERED OFFICE AT
13/575, POPULAR TOWER, VAKAYAR P.O., KONNI, PATHANAMTHITTA - 689 698.
10 MRS.MEENA, REGIONAL MANAGER, POPULAR FINANCE PVT.LTD., REGIONAL OFFICE, YMCA BUILDINGS, ANNAS ARCADE, PALAYAM, THIRUVANANTHAPURAM - 695 001.
11 JIGEESH, BUSINESS COORDINATOR, POPULAR FINANCE PVT.LTD., REGIONAL OFFICE, YWCA BUILDING, ANNAS ARCADE, PALAYAM, THIRUVANANTHAPURAM - 695 001.
12 RENJISH KRISHNAN, MANAGER, POPULAR FINANCE PVT.LTD., REGIONAL OFFICE, YWCA BUILDINGS, ANNAS ARCADE, PALAYAM, THIRUVANANTHAPURAM - 695 001.
ADDL. ANJU ANNA SAMUEL, ATHINILKUNNATHIL HOUSE, EDAPPALLY R13 P.O, KOCHI, ERNAKULAM, KERALA - 682 024, PH-9847179203 (ADDL R13 IS IMPLEADED AS PER ORDER IN I.A.
NO.1/2020 DATED 13/11/2020)
R1-5 BY DIRECTOR GENERAL OF PROSECUTION R1-2, R4-5 BY SRI.K.V.SOHAN, STATE ATTORNEY R6-8 BY ADV. SRI.C.S.MANU R13 BY ADV. JOBY CYRIAC PUBLIC PROSECUTOR SRI.E.C.BINEESH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON
23.11.2020, ALONG WITH WP(C).18302, 18397, 18490, 18498, 18712, 18716, 18754, 18781, 18793, 18852, 18860, 19025, 20770, 20794, 20824, 20828, 20834, 20864, 20902, 22687, 22970, 25491 of 2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE P.SOMARAJAN MONDAY, THE 23RD DAY OF NOVEMBER 2020 / 2ND AGRAHAYANA, 1942 WP(C).No.18302 OF 2020(K)
PETITIONER:
DR. MARY MAGDALINE, AGED 78 YEARS W/O. MAJOR S.R. MANOHAR, 204, SANTHIPAVANA HOMES, YUVAJANAVEDI ROAD, KADAVANTHARA, ERNAKULAM, KERALA - 682020.
BY ADVS.
SRI.SANJAY THAMPI SRI.P.RAVEENDRAN PILLAI SMT.INDIRA RAVEENDRAN RESPONDENTS:
1 STATE OF KERALA REPRESENTED BY THE CHIEF SECRETARY, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM - 695001.
2 DIRECTOR GENERAL OF POLICE, KERALA STATE POLICE HEAD QUARTERS, VAZHUTHACUAD, THIRUVANANTHAPURAM, KERALA - 695010.
3 THE REGIONAL DIRECTOR, CENTRAL BUREAU OF INVESTIGATION, SPECIAL CRIME BRANCH, TC 1757/5, “CBI OCR COMPLEX”, MUTTATHARA, VALLAKADAVU, THIRUVANANTHAPURAM - 695008.
4 THE SUPERINTENDENT OF POLICE, RING ROAD, THAZHEVETTIPRAM, PATHANAMTHITTA -
689645.
5 THE STATION HOUSE OFFICER, KADAVANTHRA POLICE STATION, ERNAKULAM - 682020.
6 ROY THOMAS DANIEL, S/O. DANIEL, MANAGING PARTNER, MY POPULAR MARINE PRODUCTS LLP. HAVING REGISTERED OFFICE AT 13/575, POPULAR TO
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