India, May 9 -- The Bombay High Court on Friday directed the state government to appoint a new competent authority under the Maharashtra Protection of Interests of Depositors (in Financial Establishments) (MPID) Act, 1999 after noticing that the current authority had committed "fraud" by disposing off properties attached in the National Spot Exchange Limited (NSEL) case at throwaway prices.

"We find that the competent authority has played fraud not only upon the state but also upon the court," the division bench of justices AS Gadkari and Kamal Khata said while setting aside the sale of a prime property in Karnal, Haryana, and ordering the Maharashtra government to investigate the matter and take appropriate action against members of the...