Action against financial institutions who failed to return the deposit interest. Maharashtra protection of interest of depositors in financial establishments act, 1999. Fadnavis said the maharashtra protection of interest of depositors in financial establishments act, 1999, mpid approved by the maharashtra government, had been ratified by the supreme court but added that they had realized its shortcomings, namely, those relating to. Sc upholds protection for depositors,punjab to enact law. This article is supported by wikiproject maharashtra. Cea in a sudden move, the rbi yesterday capped withdrawals at rs 50,000. Read maharashtra protection of interest of depositors act latest news also find videos, photos and information about maharashtra protection of interest of depositors act from zeebiz. Rules regulations notifications orders circulars statutory. Maharashtra protection of interest of depositors act mpid. Current publications maharashtra protection of interest of. Maharashtra protection of interests of depositors in.
The maharashtra protection of interest of depositors in financial establishments act, 1999 act 16 of 2000 keywords. Amitabh gupta, the departments principal secretary special, issued the notification on june 18 under the maharashtra protection of interest of depositors mpid act. New rules to protect depositors in state the hindu. Wikiproject india maharashtra this article is within the. Protection of interest of depositors in financial establishments act, 2004. Short title and commencement 1this act may be called the maharashtra protection of interest of depositors in financial establishments. Latest and breaking news on maharashtra protection of interest of depositors. This act may be cited as the protection of depositors act, 1999.
Maharashtra protection of interest of depositors act 1999 and rules. Maharashtra protection of interest of depositors act to. Maharashtra protection of interest o f depositors blogs, comments and archive news on. An act to establish a deposit insurance fund for the protection of depositors. Maharashtra protection of interest of depositers in financial establishments act, 1999 is an act of maharashtra state legislature to protect the interest of depositers of maharashtra state in the financial establishments and matters relating thereto. An act to protect the interest of depositors in the financial. Sep 16, 2016 an amendment to the maharashtra protection of interest of depositors act mpid, 1999, now includes in its ambit companies incorporated under the companies act, 1956, and nonbanking financial. Kulkarni and his wife considering the magnitude of the multicrore scam.
Notification law and judiciary department madam kama marg, hutatma rajguru chowk, mantralaya, mumbai400032. Relief for depositors as sc declares act valid pune news. Maharashtra protection of interests of depositors act. Our bureau the maharashtra government could make amendments to the mpid act for protecting depositors and investors, who get duped by fraudulent schemes, said devendra fadnavis, chief minister of maha. The supreme court on monday declared as valid the maharashtra protection of interests of depositors in financial establishments act, 1999 mpida, which offers relief to depositors who. The tamil nadu protection of interests of depositors in financial establishments act, 1997 act 44 of 1997 keywords. Maharashtra attaches four properties linked to dsk group.
Know about bank of maharashtra scam 2018 latest scam india. The maharashtra protection of interest of depositors. The chief minister devendra fadnavis on wednesday told the legislative council that, the state government is taking into consideration to amend the maharashtra protection of interest of depositors act mpida to include developers. Maharashtra protection of interest of depositors blogs, comments and archive news on. The following act of the tamil nadu legislative assembly received the assent of the president on the. Displaying categorized search results for maharashtra protection of interests of depositors act advance search news. Maharashtra protection of interest of depositers in financial establishments act, 1999. The maharashtra protection of interest of depositors act 1999 by bare act. Protection of interest of depositors in financial establishments act the state governments and their machineries have specific provisions for the recovery by attachment and sale of assets of the defaulting companies, entities or their officials in case of customer cheating by using the provisions of the act. Short title and commencement 1 1 these rules may be called the tripura protection of interest of. Buy the maharashtra protection of interest of depositors act 1999 online for rs. Intercorporate deposit to fall outside the ambit of deposit under the maharashtra protection of interest of depositors in financial establishments act, 1999 october 30, 2019 published in.
The supreme court on monday declared as valid the maharashtra protection of interests of depositors in financial establishments act, 1999 mpida, which offers relief to depositors who have been duped by nonbanking financial institutions. Oct 19, 2015 the most anticipated judgment that came on thursday in the nsel crisis case, where the bombay high court had dismissed the plea by financial technologies india limited in questioning the applicability of the maharashtra protection of interest of depositors in financial establishment act mpid to the rs 5,600crore nsel payment crisis. Competent authority, deposit, financial establishment amendments appended. The aim and object of the maharashtra protection of interest of depositors in financial establishments act, 1999 in short, mpid act is to secure and protect the interest of the depositors investors. The tripura protection of interest of depositors in. Mizoram protection of interest of depositors act, 2002 as amended. Gujarat protection of interest of depositors in financial. In this act, unless the context otherwise requires. Explore maharashtra protection of interest of depositors. Watch videos, top stories and articles on maharashtra protection of interest o f depositors act. It is hereby enacted in the fiftieth year of the republic of india as follows. High court of bombay removes intercorporate deposits. In april, a special court for maharashtra protection of interest of depositors mpid act had rejected the regular bail applications of mr.
Maharashtra protection of interest of depositors act 1999 and. In the high court of judicature at bombay and 257, chakala. The appellant challenges various orders passed by learned special judge under maharashtra protection of interest of depositors act, 1999 mpid act. Maharashtra protection of interest of depositers in. Maharashtra government gazette, part iv, on the 21st. Dec 22, 2014 section 3 of maharashtra protection of interest of depositors in financial establishments act for short mpid act, 1999. Maharashtra protection of interest of depositors news. Maharashtra protection of interest of depositors in financial.
A day after the supreme court upheld the validity of the protection of interests of depositors in financial establishments act 2004 by the pondicherry assembly,the punjab cabinet cleared the decks to bring about a similar act to protest the interest. The maharashtra protection of interest of depositors in financial establishments act, 1999. Currently, the protection of interest of depositors act already exists in various states in india. Sc upholds protection for depositors, punjab to enact law. Maharashtra protection of interest of depositors in.
The chit funds act and up chit fund rules 1988 uttar pradesh the uttar pradesh protection of interest of depositors in financial establishments act, 2016 and rules thereunder. The himachal pradesh protection of interests of depositors. This also means the act will apply on all exchanges. Maharashtra protection of interest of depositors act. Maharashtra protection of interests of depositors in financial establishments act, 1999 mpida the supreme court on monday declared as valid the maharashtra protection of interests of depositors in financial establishments act, 1999 mpida, which offers relief to depositors who have been duped by nonbanking financial institutions. Whereas, it is felt expedient to amend the tripura protection of interest of depositors in financial establishments act, 2000 to provide more protection to the interest of the depositors in financial establishments and to curb menace of fly by night operators aimed at defrauding the depositors. This act received the assent of the president on the 20th january 2000. In exercise of the powers conferred by subsection 1 of section 6 of the maharashtra protection of interest of depositors in financial establishment act, 1999mah. Maharashtra protection of interest of depositors in financial establishments act. The state of tamil nadu is the pioneer in enacting the law titled the tamil nadu protection of interest of depositors act, 1997. Mpid act order of the high court of bombay dated september, 2019 relaxing intercorporate deposits from provisions of maharashtra protection of interest of depositors in financial establishments act, 1999 mpid act facts of the case a listed company is registered under the provisions of the companies act, 1956. Home shop maharashtra state law maharashtra protection of interest of depositors act 1999 and rules.
Maharashtra protection of interest o f depositors latest breaking news, pictures, videos, and special reports from the economic times. Before his arrest, a number of other accused in this case were arrested from time to. Be it enacted by the legislature of the state of odisha in the sixtysecond year of the republic of india as follows. Section 3 of maharashtra protection of interest of depositors in financial establishments act for short mpid act, 1999. An act to protect the deposits made by the public in the financial establish nents and matters relating thereto. Apr 19, 2020 maharashtra protection of interest of depositors latest breaking news, pictures, videos, and special reports from the economic times. In some cases the principal act andor amendment act may not be available. A special mpid maharashtra protection of interest of depositors act court would hear on tuesday the anticipatory bail application of joseph.
Bombay high court the provisions of the maharashtra protection of interest of depositors act for short mpid act, were applied to the facts of the case. The most anticipated judgment that came on thursday in the nsel crisis case, where the bombay high court had dismissed the plea by financial technologies india limited in questioning the applicability of the maharashtra protection of interest of depositors in financial establishment act mpid to the rs 5,600crore nsel payment crisis. Andhra pradesh protection of depositors of financial. Buy online current publications maharashtra protection of interest of depositors in financial establishments act, 1999 only at. While every care has been taken in the preparation of this between the lines to ensure its accuracy at the time of publication, vaish associates advocates assumes no. Home shop maharashtra state law maharashtra protection of interest of depositors act 1999 and rules maharashtra protection of interest of depositors act 1999 and rules. Explore maharashtra protection of interest o f depositors profile at times of india for photos, videos and latest news of maharashtra protection of interest o f depositors. An act to protect the interest of depositors of the financial establishments and for the matters connected therewith or incidental thereto. Principal acts may or may not include subsequent amendments. And whereas it is expedient to replace the maharashtra protection of interest of depositors in financial establishments continuance ordinance, 1999 by an act of the state legislature.
Maha protection of interest o f depositors act blogs, comments and archive news on. For statement of objects and reasons, see maharashtra government gazette, part va, p. Prohibition of transfer of immovable property and provision for protection of tenants from eviction protection of interest of depositors in financial establishment act, gujarat, 2003 hindu places of public worship entry authorisation act, gujarat. Sections 420, 468, 471 and 120b read with section 34 of indian penal code section 58 reserve bank of india act 1934. Ajit prakashans maharashtra protection of interest of depositors. Fadnavis said the maharashtra protection of interest of depositors in financial establishments act, 1999, mpid approved by the maharashtra government, had been ratified by the supreme court but added that they had realized its shortcomings, namely, those relating to the confiscation of property and its sale. The andhra pradesh protection of depositors of financial establishments act, 1999 a.
An amendment to the maharashtra protection of interest of depositors act mpi the maharashtra government has introduced fresh and stringent guidelines to protect gullible depositors and. Deposit protection act the full wording of the act of the national council of the slovak republic no. The accused have been booked under indian penal code sections 420 cheating and 406 criminal breach of trust, and provisions of the maharashtra protection of interests of depositors mpid act. Buy ajit prakashans maharashtra protection of interest of depositors in financial establishments act, 1999 and rules 1999 marathi book online. Watch videos, top stories and articles on maharashtra protection of interest of depositors act. A day after the supreme court upheld the validity of the protection of interests of depositors in financial establishments act 2004 by the pondicherry assembly, the punjab cabinet cleared the decks to bring about a similar act to protest the interest of investors against fraud by financial establishments. In exercise of the powers conferred by subsection 1 of section 6 of the maharashtra protection of interest of depositors. Protection of interest of depositors in financial establishment act, gujarat, 2003 hindu places of public worship entry authorisation act, gujarat provincial collection of taxes act, gujarat. It has been published in the state gazette on july 17. Nov 30, 2017 according to them, offence was registered against respondent nos. Read more on maharashtra protection of interest of depositors act. Maha protection of interest o f depositors act latest breaking news, pictures, videos, and special reports from the economic times. The tamil nadu protection of interests of depositors in. The maharashtra protection of interest of depositors in.
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