D.B.Dutta, J. - (1.) The present matter arises out of the objection preferred by M/s Anadilal Poddar and Sons Limited, a Company incorporated under the Companies Act having its registered office at 36, Chowringhee Road, Calcutta (herein after referred to as Poddars) against the order of attachment passed by the Commissioner, Sanchaita Investments, on 17th September, 1993 in Objection Case No. 166 of 1993 in terms of the orders dated 4.5.83 and 27.9.83 passed by the Supreme Court in writ petitions No. 638-757-800 of 1983.
(2.) The Sanchaita Investments was a partnership firm established in the year 1975 with the sole object of collecting money by way of deposits alluring the prospective depositors with the offer of incredibly high rate of interest. Within a short period of 3 to 4 years the said firm had been able to collect deposits which mounted to astronomical figure of more than 100 crores of rupees. The partners of the firm realised that it would not be possible for them to continue their business for a long period and that they would have to stop payment of such high rate of interest and close their business. From the very inception they adopted a policy of diverting the funds collected by way of deposits towards acquisition of various assets and properties in various cities of India in the names of their agents, sub agents, family members and close associates with the ulterior motive of secreting all those assets and properties beyond the reach of the depositors and defeating their legitimate claims. The small saving schemes initiated by the State Government were being seriously affected by the business of the Sanchaita Investments which became a matter of grave concern for the State Government. It accordingly applied the Prize Chit and Money Circulation Scheme (Banning) Act, 1978 in relation to the business of Sanchaita Investments with effect from 13.12.80. On that date itself, the FIR under the Act was filed against the firm and in pursuance thereof the raid was also conducted on that very date by the Bureau of Investigation at various offices of the firm and also at the residences of its partners leading to seizure of various documents in connection with the business and affairs of the firm as also arrest of its partners and agents. The firm began making defaults in its obligation to the depositors whereupon the depositors approached the High Court and eventually the matters came up to the Supreme Court and with a view to safeguard the interest of the depositors, arrange for a return to them of as much of their deposits as possible and to ensure that the properties of the firm are duly identified and the full and due benefit of the funds diverted from its coffers was restored to the firm, the Supreme Court by its order dated 4th May, 1983 appointed the Commissioner, Sanchita Investments to take charge of all the assets, documents and papers of the firm and by a subsequent order dated 27th September, 1983, conferred large powers upon the Commissioner to attach assets and properties which in his prima facie opinion were of the ownership of the firm or of the ownership of any of its partners, agents, sub agents, transferees and benamders and to put to sale such assets and properties if no objection is received to the attachment within one month from the date of attachment and, if objection is received against the attachemet, to forward the same to the designated Sanchaita Bench for adjudication. This is the long and short of the background in which the Commissioner, Sanchaita Investments was vested by the Supreme Court with extraordinary powers to effect attachment.
(3.) On 5.12.90, the Commissioner, Sanchaita Investments, by his order attached the entire multi-storied building located at and being premises No. 113, Park Street, Calcutta (commonly known as Poddar Point), including the car parking spaces, fixtures, fittings, land and other appurtenances attached thereto excepting the first, fourth and fifth floors thereof along with corresponding car parking spaces on the assumption that the property was of the ownership of the Sanchaita Investments and/or its partners, its agents, sub agents, transferees and benamders.;