Cri. WP 1034 of 2019.odt

1

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

NAGPUR BENCH AT NAGPUR

CRIMINAL WRIT PETITION NO.1034/2019

PETITIONER : Shri Sant Gajanan Maharaj Urban

Credit Co-operative Society Limited, Nagpur,

having it'

s registered office at Sapna Towers,

Reshimbagh Chowk, Tulshibagh

Road, Nagpur, Through it'

s President.

...VERSUS...

RESPONDENTS : 1. Deputy Commissioner of Police,

Crime Branch, Nagpur City,

Civil Lines, Nagpur.

2. The Assistant Police Inspector,

Economic Offences Wing, Nagpur

City, Civil Lines, Nagpur.

-----------------------------------------------------------------------------------------------

Mr. Firdos Mirza, Advocate for petitioner

Mr. S.M. Ghodeswar, Additional Public Prosecutor for respondents

-----------------------------------------------------------------------------------------------

CORAM : SUNIL B. SHUKRE AND

AVINASH G. GHAROTE, JJ.

Judgment reserved on

: 11/01/2021

Judgment pronounced on

: 14/01/2021

J U D G M E N T (PER : AVINASH G. GHAROTE, J.)

1.

Heard. Rule. Rule made returnable forthwith.

2.

By the present petition, challenge is raised to the

communication-cum-order dated 9/10/2019, passed by the

Cri. WP 1034 of 2019.odt

2

respondent no.2, whereby the immovable property bearing Block

No.1 on the first floor of Corporation House No.613/49/0+9,

constructed on plot No.49, Ward No.20, Azamshah Layout, Ganesh

Nagar, purchased by the petitioner-Society from Jay Shriram Urban

Credit Co-operative Society Limited, is stated to be attached under

Section 4 of the Maharashtra Protection of Interest of Depositors (In

Financial Establishments) Act, 1999 (for short, '

the MPID Act

hereinafter) and the petitioner-Society has been directed not to

alienate or create third party interest in respect of the same, without

the prior permission of the Special Court (MPID, Nagpur).

3.

Mr. Mirza, learned Counsel for the petitioner submits

that the said property was purchased by the petitioner – Society by a

sale-deed dated 25/2/2019 (registered on 25/3/2019), which is

registered with the Sub-Registrar, Nagpur -4, at serial No.1916/2019

of the same date. He further submits that the valuation of the said

property, on the date of the sale-deed as per the ready reckoner was

Rs.77,51,000/- as against which a consideration of Rs.1.5 crore has

been paid by the petitioner-Society. The mode of consideration, is

stated in para 2 of the sale-deed. The sale is in pursuance to a

Resolution No.10, dated 31/12/2018, by the Managing Committee

Cri. WP 1034 of 2019.odt

3

of Jay Shriram Urban Credit Co-operative Society Limited, Nagpur

whereby it was resolved that as the financial position of the society

was in doldrums and it was in need of funds to refund money to its

customers, the said property was resolved to be sold and the sale

proceeds thereof to be utilized for making payment to the

customers. A copy of the resolution forms a part and parcel of the

sale-deed dated 25/2/2019 (registered on 25/3/2019).

4.

The impugned communication/order is issued under

Section 102 of Cr.P.C., by the respondent no.2, attacking which,

Mr. Mirza, the learned Counsel for the petitioner submits, that the

same is illegal, on account of the provisions of Section 102 of Cr.P.C.,

not being applicable to immovable property. He places reliance upon

the Full Bench judgment of this Court in the case of Sudhir Vasant

Karnataki Vs. State of Maharashtra and ors., 2011 ALL MR (Cri) 96.

He further contends that any attachment, under the MPID Act, has

to be necessarily preceded by a notification under Section 4 of the

MPID Act, which is a sine qua non. He further submits that any such

order under Section 4 of the MPID Act, has to be by the

Government, and none else, for reasons to be recorded in writing,

and any such order passed, has to be by publication in the offic