section 3 of MPID Act '1999 (Maharashtra Protection of Interests of Depositors Act) is the charging section for criminal prosecution.
explanation to section 3 provides that:
every default shall be deemed to be fraudulent.
i fail to understand how can any Act contemplate that every civil wrong (default in repayment of deposit) shall be deemend to be a criminal act (fraudulent default) and therefore liable for criminal prosecution.
I feel there is some fault in the drafting of the explanation to section 3 of the MPID Act.
Any expert views/ opinion on this ?
