2 weeks ago
MPID Court Allows Former Kuber Director to Buy Properties
A court in Mumbai allowed Mukesh Sharma, a former director of Kuber Mutual Benefits, to buy properties that had been seized in 2000.
The properties were connected to a case involving money allegedly owed to investors.
The court said the properties could be sold for Rs 58 crore.
The money must be kept by an official authority and used to repay investors.
Sharma was found not guilty in 2023.
The properties had not been sold for many years.
CIDCO objected to Sharma buying them and said he owed a large amount in lease rent.
The court said he must follow all legal rules and pay any valid dues.
The article refers to four properties in its headline, but describes Sharma seeking to buy three properties in its account.
The special MPID court allowed former Kuber Mutual Benefits director Mukesh Sharma to purchase attached properties for Rs 58 crore.
The properties were attached by the Economic Offences Wing in 2000 and remained unsold for more than two decades.
The sale proceeds must be deposited with the competent authority to help repay investors’ dues.
Sharma was acquitted in 2023 after being prosecuted over alleged cheating of 2,000 investors.
CIDCO opposed the purchase and claimed Sharma owed Rs 150 crore in lease rent through 2019, but the court directed him to comply with applicable requirements and pay lawful dues.
- Who
- Former Kuber Mutual Benefits director Mukesh Sharma, CIDCO, the Economic Offences Wing and investors.
- What
- The special MPID court allowed Sharma to purchase attached properties for Rs 58 crore, with the proceeds intended for investors’ dues.
- Where
- Mumbai, including properties in Vashi and CBD Belapur.
- When
- The properties were attached in 2000; Sharma was acquitted in 2023; the court’s order was reported on September 19, 2026.
- Why
- The properties had remained unsold, and their sale could generate funds to repay investors.
Mukesh Sharma and Sale Supporters
CIDCO and Sale Opponents
Whether Sharma should be allowed to buy
Mukesh Sharma and Sale Supporters
Sharma sought permission after efforts to obtain other offers failed and the properties remained unsold for more than two decades. The court allowed the purchase so the assets could generate value for investors.
CIDCO and Sale Opponents
CIDCO argued that Sharma was not entitled to the relief despite making a lucrative offer.
Financial obligations attached to the properties
Mukesh Sharma and Sale Supporters
The court said the buyer must pay any dues determined under the applicable lease, rules, regulations, policies and law.
CIDCO and Sale Opponents
CIDCO claimed Sharma was liable for Rs 150 crore in lease rent from the date of attachment through 2019.
Purpose of continued attachment
Mukesh Sharma and Sale Supporters
The court held that attachment should protect assets but cannot itself be treated as the final objective when the assets remain unsold and investors have not benefited.
CIDCO and Sale Opponents
CIDCO’s objection emphasized maintaining the legal and financial requirements connected with the attached properties.
Key facts
- Purchase value
- Rs 58 crore
- Attachment year
- 2000
- Investors involved
- About 2,000
- Sharma’s acquittal
- 2023
- Claimed lease rent
- Rs 150 crore through 2019, according to CIDCO
- Intended use of proceeds
- Repayment of investors’ dues
- Property description
- The headline refers to four properties; the article’s detailed account lists three properties in Vashi and CBD Belapur
Quotes
Special MPID court
Mumbai court hearing the Kuber Mutual Benefits case
“The properties have consequently continued to remain attached without the process resulting in realisation of their value for the ultimate benefit of the depositors. The fact that an asset remains under attachment is undoubtedly relevant for protecting the asset, but attachment cannot, by itself, be treated as the final object of the statute.”
freepressjournal.in
Sources
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