J&K Govt attaches properties of financial firm

Firm turned defaulter in 2015; action initiated under Protection of interests of depositors’ law

Srinagar, Mar 10 : The Jammu and Kashmir government on Tuesday attached properties of a financial firm which turned defaulter in 2015.

According to wire service—the government today ordered attachment of six properties of the defaulters namely M/S Vikrant Finance Corporation, Rajouri.

“In exercise of powers under Section 3 of J&K Protection of Interests of Depositors (in Financial Establishments) Act, and without prejudice to the outcome of the case pending in any Competent Court(s) in the UT, the properties of the defaulters namely M/S Vikrant Finance Corporation, Rajouri are hereby attached and, accordingly, transferred to the superintendence of Additional District Magistrate. Rajouri, being Competent Authority in the matter,” reads the order.

This is the first when action has been initiated under J&K Protection of Interests of Depositors (in Financial Establishments) Act enacted by the PDP-BJP regime in 2015.

As per KNO, M/S Vikrant Financial Corporation, Rajouri was set up in 1994 .Soon, the firm started accepting the deposits from the depositors and a large number of people deposited their money in the company. In 201 5 the firm turned defaulter and the owners of M/S Vikrant Finance Corporation refused to pay/liquidate the deposited amount of depositors.

An FIR was registered under section 420.406.49.467,468,471,201,120-B RPC against the partners of M/S Vikrant Finance Corporation Rajouri at P/S Crime Branch Jammu. On conclusion of investigation, offences, U/S 420,406,49,467,468,471,201,120-B RPC were established against them and a charge sheet was accordingly produced in the court of Chief Judicial Magistrate, Rajouri, which is still sub-judice in the Court of Addl. Sessions Judge Rajouri—