HC hails TN's steps against fraud firms, calls SOPs a tangible relief
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Madurai: Appreciating the state govt for issuing comprehensive standard operating procedures (SOPs) for the effective implementation of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, pursuant to the court's earlier directions,
Madras high court
observed that what began as a matter of judicial concern has now evolved into a framework that promises tangible relief to affected depositors.
Justice B Pugalendhi observed that the practical working of the TNPID Act was vitiated by administrative delay, lack of coordination, lack of proactive monitoring or awareness programmes, and absence of timelines, all of which defeated the very object of the legislation. These failures reduced the efficacy of the Act, leaving thousands of poor and middle-class depositors in prolonged distress.
The judge observed that the court earlier issued certain directions to the state to prompt systemic reform and restore public faith in the process.
Pursuant to the directions, the govt showed a meaningful response and structural progress. After a high-level meeting chaired by the chief secretary, comprehensive SOPs were issued on July 9 by the home department, bringing together all departments concerned under a common and time-bound procedural umbrella by issuing a GO.
"The court also notes with appreciation that by the GO, the category of 'economic offender' has now been included as one of the categories under the Tamil Nadu Act 14 of 1982 (Goondas Act).
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This legislative inclusion empowers the authorities to invoke preventive detention against habitual offenders operating fraudulent financial establishments. This is a significant policy shift that strengthens the govt's arsenal to combat economic offences that affect public order and investor confidence, and hence, it deserves particular commendation," the judge observed.
The judge observed that the court suggested the govt consider appointing a retired high court judge or a senior IAS officer as a full-time competent authority to expedite recovery and refund proceedings and inspire depositor confidence.
The govt has now proposed the appointment of zonal-level officers as additional competent authorities, in addition to the existing district revenue officers, thereby decentralising and strengthening the overall enforcement machinery.
The judge also appreciated the state public prosecutor Hasan Mohammed Jinnah and additional public prosecutor T. Senthil Kumar, who appeared in this matter and played a crucial role in communicating the concerns of the court to the govt. Their contribution reflects the important role that law officers play in bridging the judicial and executive institutions in matters of public interest and ensuring that judicial concerns are translated into administrative action, the judge observed while disposing of a contempt petition.
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