MPID Act – Invalidation of Undervalued Asset Sale

May 13, 2026 legaldeli

Bombay HC Directs Removal of Tainted Competent Authority of MPID Act in auction sale of attached properties and questionable value

Bombay HC – Scam Within Scam i.e. Fraud even in recovery proceedings meant to protect investors of NSEL – Competent Authority conducted auction with gross under-valuation of attached properties Serious irregularities, manipulations and lack of transparency.

Section 11 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (‘MPID Act’),

Judgment dated 8.5.2026 of the High Court of Bombay in Criminal Appeal No.337 of 2026 of Primezone Developers Private Limited Vs. State of Maharashtra and others with connected appeals & applications.

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