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of <h1>Supreme Court Modifies Order: Bank Guarantees Returned, Fixed Deposit Renewed Pending Money Laundering Tribunal Appeal.</h1> <h3>Enforcement Directorate Versus M/s. Bharathi Cement Corporation Pvt. Ltd.</h3> The SC modified the interim order of the HC pending an appeal before the Prevention of Money Laundering Appellate Tribunal. The SC directed the return of ... Seeking direction to respondent to accept the Bank Guarantee furnished by the petitioner in lieu of Fixed Deposits - HELD THAT:- It is not in dispute that the Fixed Deposits submitted by the respondent have been encashed by the appellant and the entire amount covered by the Fixed Deposits has been invested by the appellant in a Fixed Deposit. The impugned interim order is modified by directing that the Bank Guarantees furnished by the respondent be returned to the respondent. We direct that the appellant will continue to renew the Fixed Deposit till the final disposal of the appeal before the High Court. At the time of finally disposing of the appeal, the High Court will consider the prayer made by the respondent regarding entitlement of the respondent to receive the interest accrued on the Fixed Deposit. Appeal disposed off. Issues involved:The issues involved in the judgment are the challenge to an interim order passed by the High Court pending an appeal, encashment of Fixed Deposits, investment of the amount in a Fixed Deposit, entitlement to interest accrued on the Fixed Deposit amount, and modification of the impugned interim order.Challenge to Interim Order:The appeal was filed to challenge an interim order passed by the High Court pending an appeal before the Prevention of Money Laundering Appellate Tribunal. The impugned order directed the respondent to accept the Bank Guarantee in lieu of Fixed Deposits amounting to Rs. 152,84,61,315. The appellant agreed to renew the Fixed Deposit till the final disposal of the appeal.Encashment of Fixed Deposits and Investment:It was acknowledged that the Fixed Deposits submitted by the respondent were encashed by the appellant, who then invested the entire amount in a Fixed Deposit.Entitlement to Interest Accrued:The respondent claimed entitlement to interest accrued on the Fixed Deposit amount if the appellant fails in the pending appeal. The High Court will consider this claim at the time of finally disposing of the appeal.Modification of Interim Order:The impugned interim order was modified by directing the return of the Bank Guarantees to the respondent. The appellant was instructed to continue renewing the Fixed Deposit until the appeal's final disposal. The High Court was tasked with considering the respondent's entitlement to interest accrued on the Fixed Deposit when finally disposing of the appeal.Keeping Questions Open:It was clarified that all questions involved in the pending appeal were kept open, and the High Court was directed not to be influenced by the modification of the interim order made by the Supreme Court.Disposition of the Appeal:The appeal was disposed of based on the modified terms, ensuring the continuation of the Fixed Deposit renewal by the appellant until the final disposal of the appeal before the High Court.
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