YUSUF SULEMAN Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) THIS appeal is from the order dated 4th June, 2002, passed by the learned Special Judge under the Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act, 1999 (hereinafter referred to as the "m. P. I. D Act"), in Misc. Application No. 347 of 2003, rejecting the appellant's application, for removing the seal and lock on the premises, bearing gala No. 7-B, situate on the ground floor of the building known as Shairah house, Maulana Azad Road, Petwala Compound, Mumbai 400008, and claiming arrears of rent for the period from June 2000 till vacant possession of the said premises is handed over to the appellants.

(2.) IT is the case of the appellants that they are the landlords of the premises bearing Gala No. 7-B, situate on the ground floor of the building known as shairah House, Maulana Azad Road, Petwala Compound, Mumbai 400008 and that the premises were let out to the company Shariah Islamic Financial and Investment Company (India) Ltd. , as a tenant on a monthly rent of Rs. 350. 50, with effect from November, 1994.

(3.) THE Directors of the said company were arrested by the GB CB CID, in c. R. No. 100 of 2000 under sections 420, 406 and 120-B of the Indian Penal code. The said C. R. is the subject-matter of Special Case No. 44 of 2000, wherein the premises in question were sealed by the police with the hope of selling the same and recovering a substantial amount which would be utilised in repayment of the depositors claims to the extent possible. The appellants filed Misc. Application No. 347 of 2001 for unsealing and payment of arrears of rent, before the Special Court, which as stated above, came to be rejected as the property in question has been sealed and secured for payment to the investors after the same is sold for a reasonable price. Hence this appeal.