NEW DELHI: The Delhi High Court has closed the proceedings on a petition concerning the implementation of certain provisions of a law banning unregulated deposit schemes. A bench headed by Chief Justice Satish Chandra Sharma noted the steps taken by the authorities concerned in pursuance of the Banning of Unregulated Deposit Schemes Act and opined that no further orders from court were required on the public interest litigation.
The Act provides for a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors.’ The petitioner had contended that in the absence of rules for the implementation of the Act, police officers did not know the procedure to be followed.