A special court formed under the Odisha Protection of Interest of Depositors (OPID) Act here on Tuesday directed the State Government to realise the amount lying in the court account and distribute it equitably among the depositors, who had invested money in a land scheme floated by the Hi-Tech Estates and Promoters Pvt Ltd of Bhubaneswar.
The designated court’s presiding officer EB Rao, allowing an injunction application of the Cuttack ADM-cum-Competent Authority, asked the Government to take possession of the deposit amount of Rs 63,55,49,227 along with the interest accrued thereto and distribute it equitably among the identified investors of the land scheme floated by the estate firm.
It may be noted that the amounts in the court account were the deposits made by the arrested managing director and promoters of the estate firm while they were allowed to go on bail by the Supreme Court.
The apex court in July 2017 had directed that the deposited amount be distributed among the duped investors as per the provisions of OPID Act.
Subsequently, the State Government following an ad interim order in January 2018 had attached the deposits.
As per the provisions of the Act, the competent authority had moved the designated court to take possession of the deposits for its distributions among the duped investors.
After examining the witnesses, the court on Tuesday passed the order bringing relief among the investors.