Partly allowed
FPA-PMLA-1587/ HYD/2016 of M/s. Saraswati Power and Industries Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad
ATFPFPA-PMLA-1587/ HYD/2016
Case brief
AI extract
What is this about?
The Tribunal considered multiple appeals challenging attachment orders under the PMLA regarding alleged proceeds of crime in a mining lease case. The court addressed issues of double attachment, beneficial ownership, and the legality of the mining lease, ultimately modifying orders to secure assets via bank guarantee instead of full relief.
What did the court decide?
The impugned order confirming attachment was modified. Most attachments were released subject to the appellants furnishing a Bank Guarantee of Rs. 192 crores within four weeks. No final opinion was ex