Ranjit Mahanti
In a noteworthy development, the MPID Court has delivered a verdict ordering the release of both the bank account and property associated with Shree Guru Datta Family Welfare Trust in the Maitreya Group of Companies MPID (Maharashtra Protection of Interest of Depositors) matter. This decision follows a prolonged legal battle that ensued when the trust’s assets were initially seized in connection with the ongoing investigation into the financial affairs of Maitreya Group of Companies.
Dhruvika Satpalkar, the sole beneficiary of the trust, is the daughter of Varsha Madhusudhan Satpalkar, one of the key accused of the case. The Shree Guru Datta Family Welfare trust was formed by Varsha Satpalkar and others for the benefit of her daughter. The bank account as well as property in the name of the trust were seized by EOW Authorities in an MPID Matter, pertaining to companies of which Varsha Satpalkar was director and key person.
Dhruvika Satpalkar contended that she was a minor when the trust was formed by her mother, for her benefit and that the trust was funded solely by salary and commission drawn by her mother. She was a major now, and needed the funds in the trust to study abroad. She was represented by Advocate Pankaj Jain of M/s P. D. Jain & Co.
The Public Prosecutor strongly opposed release of the trust’s seized property and bank account contending that money in the trust was proceeds of crime.
The Court, after hearing both sides ordered that the Bank account belonging to the trust be defreezed and ordered that property of the trust be released against a bank guarantee of Rs 1 crore. This judgement will enable Dhruvika Satpalkar to access the funds in the trust and fund her education abroad.