Court orders Odisha govt to confiscate seized properties of Seashore Group

the Odisha government to confiscate the seized properties of Seashore Group of Companies.
"The amount generated through public auction of the confiscated properties should be equitably distributed among all the investors, who have been duped by the company", the court dealing with cases related to Odisha Protection of Interest of Depositors (Financial Establishments) Act, said on Thursday.
The attached properties include land plots measuring nearly 222 acres, gold ornaments weighing 1.386 kg, silver ornaments of about 200 kg, four luxury cars, and cash Rs 1.88 crore.
The court in December 2013 had attached these properties of the Seashore Company and its CMD Prashant Kumar Dash with the additional district magistrate, who was appointed as the competent authority.

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