Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The AT upheld the Provisional Attachment Order against property owned by Heera Retail Pvt. Ltd., a group company of the main accused. The appellants' claim based on a civil court decree was rejected as Heera Retail was not party to the civil suit, rendering the decree non-binding on the company. The property had been purchased using proceeds of crime (diverted depositors' funds) prior to the decree. The Tribunal determined that the collusive decree obtained by appellants could not prevail against unchallenged sale deeds executed in favor of the accused's company. The attachment remains valid subject to the Supreme Court's directions regarding realization of investors' dues.
The AT upheld the Provisional Attachment Order against property owned by Heera Retail Pvt. Ltd., a group company of the main accused. The appellants' claim based on a civil court decree was rejected as Heera Retail was not party to the civil suit, rendering the decree non-binding on the company. The property had been purchased using proceeds of crime (diverted depositors' funds) prior to the decree. The Tribunal determined that the collusive decree obtained by appellants could not prevail against unchallenged sale deeds executed in favor of the accused's company. The attachment remains valid subject to the Supreme Court's directions regarding realization of investors' dues.
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