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/SVikrant Finance Corporation, Rajouri were attached by the government.
“In exercise of powers under Section 3 of J&K Protectionof Interests of Depositors (in Financial Establishments) Act, and withoutprejudice to the outcome of the case pending in any Competent Court(s) in theUT, the properties of the defaulters namely M/S Vikrant Finance Corporation,Rajouri are hereby attached and, accordingly, transferred to thesuperintendence of Additional District Magistrate. Rajouri, being CompetentAuthority 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 depositsfrom the depositors and a large number of people deposited their money in thecompany. In 2015 the firm turned defaulter and the owners of M/S VikrantFinance Corporation refused to pay/liquidate the deposited amount ofdepositors.”