top of page
Let's Talk Criminal Law
A blog by
Adv. Sunny Punamiya
Maharashtra Protection of Depositors Act, 1999
Economic Offences Wing [EOW]
What Is MPID?
![What is Maharashtra Protection of Interest of Depositors [In Financial Establishments] Act, 1999?](https://static.wixstatic.com/media/15cd32_a5c1685dcacb40b6b264738ff7705a47~mv2.jpg/v1/fill/w_1775,h_1000,fp_0.50_0.50,q_30,blur_30,enc_avif,quality_auto/15cd32_a5c1685dcacb40b6b264738ff7705a47~mv2.jpg)
![What is Maharashtra Protection of Interest of Depositors [In Financial Establishments] Act, 1999?](https://static.wixstatic.com/media/15cd32_a5c1685dcacb40b6b264738ff7705a47~mv2.jpg/v1/fill/w_2000,h_1127,fp_0.50_0.50,q_90,enc_avif,quality_auto/15cd32_a5c1685dcacb40b6b264738ff7705a47~mv2.jpg)
What is Maharashtra Protection of Interest of Depositors [In Financial Establishments] Act, 1999?
What is the Maharashtra Protection of Interest of Depositors [In Financial Establishments] Act, 1999? Why was it promulgated? When did it come into force? Is it still in existence? If yes, who uses it? Who is it applicable to? Do we have any mechanism to enforce the Act? Why does it refer to Depositors? Can a single Victim use the Act for the purposes of recovery of money? Or there need be group of persons to take recourse to the Act? An humble attempt is made to answer all s
6 min read
Section 4
Related Case Study
Understanding Section 4 of the MPID Act: Attachment of Properties
Introduction The Maharashtra Protection of Interest of Depositors (MPID) Act is designed to safeguard investors from fraudulent financial establishments. One of its most critical provisions is Section 4, which empowers the government to attach properties of financial establishments that fail to return deposits or act fraudulently. The importance of this provision cannot be overstated, as financial fraud has been a growing concern, and protecting depositors' interests is a fun
6 min read
NSEL Scam: Asset Recovery and Inter-Law Priority Disputes
On July 31, 2013, NSEL suspended its exchange operations, and approximately 13,000 persons who traded on its platform claimed to have been duped by about 24 trading Members, who defaulted on their payment obligations amounting to approximately Rs. 5,600 Crores.
11 min read
SEC2 c AND 2d OF MPID
Related Case Study
Scheme of the Act: s.2(c) & s. 2(d)
Before analyzing the provisions of the MPID Act, it is utmost important to understand what, when and how does the MPID Act come into existence in a given case. In order to understand what, when and how provisions of the MPID Act are invoked, let us take a pilot case. For example: If ‘X’ accepted deposits from various persons being A, B & C for the sale of their respective units on the assurance of delivery of flats on time, and failed to do so in spite of repeated reminders a
8 min read
The Flat Purchasers can use the provisions of MPID Act against errant Redeveloper/Builder
The Judgment rendered by the Hon’ble High Court in the case of Manohar Bhimraoji Mahalle & Others v. State of Maharashtra, through P.S.O. City Kotwali and Others is a landmark judgment that comes to the rescue of Flat Purchasers who have been denied their rights including but not limited to possession by the errant Builders/Redevelopers. By the said judgment, a flat purchaser would be acting within the four corners of law, if he adopted to set the criminal law in motion, aga
5 min read
K.K BHASKARAN CASE
Analysis of K. K. Bhaskaran’s Case
Any Act or Statute that comes into force in Centre or State is amenable to challenge before the appropriate Court of Law. The challenge can be with respect to its Constitutionality, i.e. whether any Act is in harmony with the Fundamental Rights guaranteed by the Constitution of India. The MPID Act faced a similar constitutional challenge. The first challenge was made in the case of Vijay C. Puljal v. State of Maharashtra ¹ . A Full Bench of Bombay High Court declared the Act
9 min read
bottom of page