City
Epaper

Decide on assets' release plea: Delhi HC to Kochhar's firm

By IANS | Updated: August 19, 2020 20:45 IST

.The Delhi HC query came after the respondent, the Enforcement Directorate, pointed out that a similar petition had ...

Open in App

.

The Delhi HC query came after the respondent, the Enforcement Directorate, pointed out that a similar petition had already been moved in the Bombay High Court.

Justice Anup Jairam Bambani thereafter granted more time to the firm to decide on its stand and posted the matter for further hearing on August 25.

"As per the amended Section 8(3)(a) the PMLA, the seizure of a property can only continue for a period of 365 days from the confirmation of the seizure by the ED. However, even after the lapse of the said period, no complaint in terms of Section 45 of the PMLA has been filed by the ED in the present case," the plea said.

It said that earlier there was no time limit prescribed under the PMLA for the completion of investigation. However, the situation changed by virtue of an amendment dated April 19, 2018, wherein the specific period of 90 days was prescribed in the Act for the purpose of investigation. It was subsequently increased to 365 days.

"The mandate of the law now is that the retention shall continue during investigation for a period not exceeding 365 days, as provided under Section 8(3)(a) of the PMLA," the plea added.

The petitioner said that the firm is entitled to the benefit of time-period cap prescribed by Section 8(3)(a) and that the seizure must cease to exist by the operation of law and documents/cash/electronic devices seized by ED from the company premises are liable to be released.

"The travesty of justice is clear from the fact that after exercising powers under Section 17 of the Act to seize Rs 10.5 lakh, the ED invoked powers under Section 5 to state that there are 'reasons to believe' that the properties mentioned in schedule (which includes cash of Rs 10.5 lakh) is likely to be transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation of such proceeds of crime, if not attached immediately," the petition read.

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Anup jairam bambaniBombay High CourtEnforcement DirectorateJustice of bombay high courtBombay high
Open in App

Related Stories

MumbaiBombay HC on Divorce: Denying Physical Relationship to Husband, Suspecting Him of Affair Is Cruelty, Says High Court

MaharashtraNagpur Police Crack Down on Unauthorized Loudspeakers at Religious Sites to Combat Noise Pollution

NationalBombay HC Approves Transfer of Elephant Mahadevi to Gujarat Sanctuary Backed by Anant Ambani’s Radhe Krishna Trust

BusinessRelief for Anil Ambani as Canara Bank Drops ‘Fraud’ Tag on Reliance Communications Loan; ADAG Stocks Rally

MaharashtraHigh Court Orders FIR in Somnath Suryawanshi Custodial Death Case

Business Realted Stories

BusinessIndia's millet standards applauded at 88th Codex Executive Committee Meet in Rome

BusinessPiyush Goyal urges Indian industry to leverage FTAs for global impact

BusinessWomen-led development key to Viksit Bharat, says Union Minister Jitendra Singh, highlights 76,000 Women-led startups

BusinessIndia Cements slips into Rs 133 crore loss in Q1, revenue flat

BusinessNearly 76,000 Indian startups now led by women: Minister