Agartala, Jan 22 (FN Agency) The High Court of Tripura has directed the state and central government to sell property of Non-Banking Financial Companies (NBFCs) accused of cheating the public and return the money to the depositors. A division bench headed by acting Chief Justice T Amarnath Gaur has directed that assets of those companies be sold and the proceeddsreturned to depositors. Describing the procedure the court ordered, “Attach all the properties in the state of Tripura; put the attached properties to auction by widely publicising it in the media.” Theauction would be by way of tender and also in the mode of physical and e-auction.
There should be a global advertisement for the auction. The auction proceeds should be accounted for and the scheme shall be formulated for disbursement of the amount to the distributors proportionately, the order stated. The judgment also directed the state and central governments to block the passports, PAN cards, Aadhaar cards, Credit cards, and Debit cards of the Directors and partners of the defaulting company. They should be arrested and remanded before the concerned courts on or before the next date of hearing on April 20. As many as 172 FIRs were filed in various police stations of Tripura long back against 40 NBFCs including Rose Valley for defrauding the public,