CB proposes Govt for Seashore assets liquidation
Nov 12, 2013
Source : The Times of India


BHUBANESWAR: The Economic Offences Wing (EOW) of the State Crime Branch on Monday proposed to the State Government for liquidation of the Seashore Group’s properties in order to refund duped investors’ money according to the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

ADG (Crime Branch) BK Sharma told reporters here that the CB has requested the Finance Department to issue an interim attachment order under Section 3 of the Act so that the properties of the Seashore Group can be liquidated and returned to the depositors.

The Crime Branch submitted the necessary property documents of the group’s nine companies, including STV Samachar, Soubhagya Drinks and Seashore Dairy Products. Besides, a list of machineries, fittings and equipments of the companies, was also attached to the proposal for consideration of the Government, Sharma added.

“We have attached immovable properties of the Seashore Group like some buildings and apartment owned by the company, 203 acres of land located in 17 places across the State in the name of the company’s CMD and its directors,” said Sharma.

Apart from that, official sources said, the company’s bank balance to the tune of Rs 2 crore and the Rs 3-crore security deposits with the Odisha Industrial Infrastructure Development Corporation (IDCO) and the Odisha Renewable Energy Development Agency (OREDA) were also included in the proposal.

Additional Chief Secretary (Finance) UN Behera said his department has received a proposal in this regard from the EOW of the CB. “An attachment order will be prepared and sent to the (concerned) Additional District magistrate (ADM) soon for necessary action after approval of the Chief Minister,” Behera said.

The CB EOW had recently seized gold bars weighing 1.4 kg and 1,000 silver coins weighing 100 kg from Seashore CMD Prashanta Kumar Dash’s bank locker in the HDFC Bank in Bhubaneswar.  Meanwhile, Prashanta Kumar Dash, who was arrested from Mumbai during the middle of this year, is still behind the bar.


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