HON’BLE SRI JUSTICE A. GOPAL REDDY W.P.No.14977 of 2003 Dated: 31-03-2011 Between: M/s. Kotak Mahindra Bank Limited, a company Incorporated under the Indian Companies Act, 1956, having its regd. Office at 36-38, 227, Nariman Point, Mumbai, rep. by its authorized Signatury Raju Neelipalli …Petitioner AND The Collector and District Magistrate, Mahboobnagar District, Mahaboobnagar Respondent This Court made the following: HON’BLE SRI JUSTICE A. GOPAL REDDY W.P.No.14977 of 2003 ORDER: Petitioner, which is a financier of mini bus bearing registration No.AP 22E 5078 (later changed to AP 22U 2652) purchased by M/s.Mahboobnagar Grammer School under hire purchase agreement, filed this writ petition questioning the seizure of the said bus contending that under the A.P. Protection of Depositors of Financial Establishment Act, 1999 and the Rules made thereunder, the property cannot be attached as the chit fund company i.e. M/s. Vahini Finance and Chit Fund Private Limited, which is the guarantor/co-borrower for the amount advanced by the petitioner, does not fall under the definition of financial establishment since it is registered under the provisions of the Companies Act, 1956. Pending the writ petition, this Court by interim order, dated 24.7.2003 directed the respondent to lift the attachment of the mini bus and hand over the same to the petitioner. For non-implementation of the said order, a contempt case being C.C.No.1533 of 2003 was filed and the same was closed on complying with the interim order. No documents are filed to establish that M/s. Vahini Finance and Chit Fund Private Limited was registered under the provisions of the Companies Act to exclude it from the provisions of A.P. Protection of Depositors of Financial Establishment Act, 1999 under the provisions of which, the vehicle was seized, except taking the plea that the said provisions do not apply to the chit fund company. The first respondent filed a counter affidavit leveling various allegations against M/s. Vahini Finance and Chit Fund Private Limited, Mahabubnagar. However, now the learned counsel for the petitioner submits that during the pendency of the writ petition, the definition of ‘Financial Establishment’ has been amended deleting the company registered under the Companies Act and therefore, the petitioner may be permitted to pursue its remedies under the provisions of A.P. Protection of Depositors of Financial Establishment Act, 1999 for release of the vehicle and lifting the attachment. In the circumstances, the writ petition is dismissed permitting the petitioner to avail the remedies available to it under law. No order as to costs. ________________ A. GOPAL REDDY, J. MARCH 31, 2011 Tsr.