IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) WEDNESDAY, THE THIRTIETH DAY OF APRIL TWO THOUSAND AND EIGHT PRESENT THE HON'BLE MR JUSTICE V.ESWARAIAH WRIT PETITION No.24374 of 2003 Between: Aggrieved Depositors of Asra India and Its Group of Companies Welfare Association, Pulagelipalem Village, Visakhapatnam, Rep by its General Secretary B. Radhakrishna, S/o. Late Ranga Rao, age : 56 years, R/o. V. Zuttada(PO) Pendurthy Mandal, Visakhapatnam-173. ..... PETITIONER AND 1 Govt. of A.P., Rep by its Principal Secretary, Home(General-B) Department, Secretariat, Hyderabad. 2 The Commissioner of Police, Basheerbagh, Hyderabad. 3 Asra India Para Bank, (Through Commissioner of Police, Hyderabad). Hyderabad. 4 The Commissioner of Police, Visakhapatnam. .....RESPONDENTS Petition under Article 226 of the constitution of India praying that in the circumstances stated in the Affidavit filed herein the High Court will be pleased to to issue a writ of Mandamus or any other appropriate Writ, Order or Orders, Direction or Directions with law in order to settle the claims of the Depositors of the 3rd Respondent Financial Establishment under the provisions of A.P. Protection of Depositors of Financial Establishments Act 1999 and pass Counsel for the Petitioner: MR.V.SRINIVAS Counsel for the Respondent: GP FOR HOME FOR R1 TO 4 The Court made the following: Form-NIC-OGS/WP{MADHURI} THE HON'BLE MR JUSTICE V.ESWARAIAH WRIT PETITION No.24374 of 2003 O R D E R: The petitioner’s Depositors Association seeks to issue a Writ of Mandamus, directing respondent Nos.1, 2, and 4 to take appropriate action against the 3rd respondent financial establishment under the provisions of A.P.Protection of Depositors of Financial Establishments Act, 1999 (hereinafter referred to as ‘the Act’). It is the case of the petitioner that the 3rd respondent was running a finance business like accepting the deposits from the public and paying higher rate of interest. But, during course of the period, the 3rd respondent could not repay the deposits and accordingly, the 1st respondent initiated action under the provisions of the Act, and various properties of the 3rd respondent were notified as attached properties, but no final action has been taken, though the 3rd respondent is due and payable about Rs.3 crores. A counter has been filed on behalf of the 4th respondent, stating that on a complaint made against the 3rd respondent by the President of the Petitioner’s Association, a case in Cr.No.124/2003 has been registered for the offence under Sec.420, 406, 120(B) of IPC on 17.07.2003 on the file of the II Town Crime Police Station, Visakhapatnam City against the Managing Director and other Directors of the 3rd respondent establishment. It is stated that Secs.3 and 5 of the Act were also added in view of the amended Act 12/2003. It is stated that charge sheet was already filed on 23.03.2004 against the accused persons in the said crime No.124/2003 on the file of the Metropolitan Sessions Judge’s Court, Visakhapatnam. It is also stated that the properties of the 3rd respondent have already been attached by the Government in G.O.Ms.No.42, dated 05.02.2004 basing on the proposals of the 4th respondent and further necessary steps have also been taken by filing an affidavit before the competent Court for making ad-interim order absolute in respect of the properties and the same is now pending on the file of the competent Court. In view of the aforesaid facts and circumstances, I am of the opinion that appropriate action was already initiated in favour of the petitioner. In that view of the matter, no further orders are required to be passed in the present writ petition. Accordingly, the Writ Petition is closed. No order as to costs. ___________________ V.ESWARAIAH,J Dated: 30.04.2008 Dsr ..... REGISTRAR // TRUE COPY // SECTION OFFICER To 1 Govt. of A.P., Rep by its Principal Secretary, Home(General-B) Department, Secretariat, Hyderabad. 2 The Commissioner of Police, Basheerbagh, Hyderabad. 3 Asra India Para Bank, (Through Commissioner of Police, Hyderabad). Hyderabad. 4 The Commissioner of Police, Visakhapatnam. 5.2CCs to 6.2CD copies