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Court ordered attachment of Ashore Properties

Court ordered attachment of Ashore Properties

Balasore: The special designated court for Odisha Protection of Investors Deposits (OPID) on Monday has ordered towards attachment of property of chit fund company Ashore Infrastructure Limited under Section  4(3) of OPID Act, 2011.

The court pronounced the order on the basis of case filed on June 1, 2014 by the then ADM Akshay Mohanty. The property included immovable land of about 27.96 acre, which were in patches in Betnoti of Mayurbhanj district and Remuna worth nearly Rs 1.64  crore  and cash of  Rs 84 lakh, which were deposited in 16 accounts in different banks and frozen.

The request for attachment of property was made by then ADM in the special court. As per the order, the petitioner is permitted to sell the property by public auction and realize the sell proceed there of for equitable distribution among the depositors of the company.

It may be noted here that the Company had allegedly duped several crores of rupees in the name of giving high returns.

A case was registered against the company and CEO Dipak Pothal and project officer Manas Ranjan Sahu and MD of the company Vivek Chaudhary were made parties to the case.

 

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