Govt attaches properties of financial firm

In a first, government of  Jammu and Kashmir attached properties of a financial firm under J&K Protection of Interests of Depositors Act.

According to an order issued by Finance Department,  six properties of the defaulters namely M/S Vikrant Finance Corporation, Rajouri were attached by the government.

“In exercise of powers under Section 3 of J&K Protection of Interests of Depositors (in Financial Establishments) Act, and without prejudice to the outcome of the case pending in any Competent Court(s) in the UT, the properties of the defaulters namely M/S Vikrant Finance Corporation, Rajouri are hereby attached and, accordingly, transferred to the superintendence of Additional District Magistrate. Rajouri, being Competent Authority in the matter,” reads the order.

According to the order, M/S Vikrant Financial Corporation, Rajouri was set up in 1994. “Soon the firm started accepting the deposits from the depositors and a large number of people deposited their money in the company. In 2015 the firm turned defaulter and the owners of M/S Vikrant Finance Corporation refused to pay/liquidate the deposited amount of depositors.”