BENGALURU: Acting on a petition filed by four investors of IMA, the Karnataka High Court issued notice to the Special Officer and Competent Authority (IMA and Other Scam Cases) and the State Government.
The petitioners prayed the court to issue directions to the Special Officer and Competent Authority to give an up-to-date and accurate list of assets belonging to the IMA Group that has been attached, valuation of the assets, the amount received from the auction of assets and disbursal made to eligible claimants. Justice K V Aravind issued the notice after hearing the petition filed by Rehana Khyser Shariff, Mohammed Muinuddin, Mohammed Siddiq Sharif, and S Mujahid Ahmed recently.
The petitioners stated that the Special Officer provided little to no information on the issues mentioned in the prayer. The depositors defrauded by IMA Group continue to languish without relief of having their claims settled, despite the availability of assets, they alleged.
The petitioners stated that it has been more than four years since orders to attach assets of the IMA Group and persons associated with it, were passed by the state government. The admitted value of these assets is upwards of Rs 450 crore. However, since then, only a sum of approximately Rs 19 crore has been distributed amongst depositors.
For over four years, the claims of more than 60,000 depositors, including the petitioners, remain unsettled, the petitioners said, and hoped that the high court will ensure quicker and more conscientious action by the Special Officer, and result in more effective use of the provisions of the Karnataka Protection of Investors in Financial Establishments Act, 2004.