SC Upholds State’s Power To Attach Properties Of ‘Defaulting’ Financial Establishments [Read Judgment]

The statute is to protect the interest of innocent investors and to curb the malady of financial swindlers and to deal with such problems effectively, the bench said.The Supreme Court, in State vs KS Palanichamy, has upheld the state government’s power to issue ad interim order under Section 3 of the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act,...