Disposed

FPA-PMLA-1587/ HYD/2016 of M/s Saraswati Power and Industries v/s The Joint Director Directorate of Enforcement, Hyderabad

ATFP7 Feb 2017FPA-PMLA-1587/ HYD/2016

Case brief

AI extract

What is this about?

The Appellate Tribunal dealt with notice of an appeal and a stay application involving attached properties. The stay was granted status quo regarding specific land subject to an affidavit, while movable properties remained untouched. The appeal is listed for further consideration.

What did the court decide?

Status quo maintained for the Guntur land upon filing of an affidavit; no order on movable properties; appeal listed for 15.05.2017.

FPA-PMLA-1587/ HYD/2016 of M/s Saraswati Power and Industries v/s… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-3009/HYD/2016 (Misc.) MP-PMLA-3008/HYD/2016 (Stay)

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FPA-PMLA-1587/ HYD/2016

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M/s Saraswati Power and Industries … Appellant/Applicant Versus The Joint Director … Respondent Directorate of Enforcement, Hyderabad

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Advocates/Authorized Representatives who appeared

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For the appellant	: Sh. Raghenth Basanth, Advocate Sh. Yogesh Raavi, Advocate
For the respondent	: Sh. S.A. Saud, Advocate
CORAM
JUSTICE MANMOHAN SINGH	: CHAIRMAN
SHRI KAUSHAL SRIVASTAVA	: MEMBER
SHRI ANAND KISHORE	: MEMBER

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ORDER 07.02.2017

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FPA-PMLA-1587/ HYD/2016

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Fresh appeal has been filed by the appellant. Issue notice to the respondent. Mr. S.A. Saud, learned counsel for the respondent accepts notice and seeks time to file the reply. Let the reply be filed within six weeks with an advance copy to the learned counsel for the appellant who may file the rejoinder within four weeks thereafter.

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List for consideration on 15^th May, 2017, the date already fixed in other connected matters. Both the parties are allowed to file the written synopsis on or before next date of hearing.

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FPA-PMLA-1587/HYD/2016

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Page 1 of 3

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MP-PMLA-3008/HYD/2016 (Stay)

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Along with the appeal the appellant has filed the interim application for stay. The following properties were attached:-

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Immovable Properties:

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Sl. No.	Description of theproperty	Amount	Name of theparty
1.	903-28 acre of land situated at	31,84,41,550	M/s Saraswati Power &
	Guntur District		Industries Ltd.

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Movable Properties:

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Sl. No.	Description of theproperty	Amount	Name of theparty
2.	FD No. 09243021004270	31,05,996	M/s Saraswati Power & Industries Limited (Maintained with Oriental Bank of Commerce, Jubilee Hills Branch,Hyderabad)
3.	FD No. 1103791048926	18,50,000	M/s Saraswati Power & Industries Limited (Maintained with Oriental Bank of Commerce, Jubilee Hills Branch,Hyderabad)

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With regard to property no. 2 and 3 we are not inclined to pass any order. Pertaining to Sl. No. 1 the learned counsel for the appellant states that the appellant is not generating any income out of it. Still the appellant is praying for interim relief. Affidavit in this regard be filed within two weeks with a copy to the learned Advocate for the respondent and the Zonal Office of the respondent. Response be filed by the respondent on or before next date. Subject to filing of the affidavit and undertaking not to dispose off the property, status quo shall be maintained by the parties with regard to the property at Sl. No. 1. The respondent is granted liberty to file the reply by the next date.

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FPA-PMLA-1587/HYD/2016

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Page 2 of 3

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List on 7^th March, 2017.

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Copy of the order be given ‘dasti’ to both the parties.

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(Justice Manmohan Singh) Chairman

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(Kaushal Srivastava) Member

(Anand Kishore)

Member

New Delhi,

7^th February, 2017

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‘R’

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FPA-PMLA-1587/HYD/2016

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Page 3 of 3

FPA-PMLA-1587/ HYD/2016 of M/s Saraswati Power and Industries v/s The Joint Director Directorate of Enforcement, Hyderabad

Case brief

What is this about?

What did the court decide?

FPA-PMLA-1587/ HYD/2016 of M/s Saraswati Power and Industries v/s The Joint Director Directorate of Enforcement, Hyderabad

Case brief

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What did the court decide?

What the court decided

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