M/S. NEW HORIZON SUGAR MILLS vs GOV.OF PONDICHERRY TR.ADDL.SEC.

The Supreme Court upheld the validity of G.O.Ms.No.12 issued under the Pondicherry Protection of Interests of Depositors in Financial Establishments Act, 2004, which ordered the attachment of properties of Pondicherry Nidhi Ltd. The Court ruled that the attachment was lawful as it was enacted to protect depositors' interests, emphasizing the importance of safeguarding financial stability under Section 3 of the Act. The appeal by M/s New Horizon Sugar Mills Ltd. was dismissed, affirming the lower court's decision.