Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The AT dismissed the appeal challenging the provisional attachment of 20 immovable properties under the PML Act, concluding the appellant operated a Ponzi scheme through multiple entities, initially paying returns from new investors' funds before collapsing. The tribunal rejected the appellant's contention that incarceration precluded the risk of property dissipation, noting the appellant's ability to act via associates or power of attorney to frustrate proceedings. The attachment was upheld as an intermediate measure to preserve the properties for potential confiscation upon conviction, without affecting possession unless exceptional circumstances arise. The AT found no error in the Adjudicating Authority's confirmation of the attachment order, thereby affirming the restraint on the properties pending trial.
The AT dismissed the appeal challenging the provisional attachment of 20 immovable properties under the PML Act, concluding the appellant operated a Ponzi scheme through multiple entities, initially paying returns from new investors' funds before collapsing. The tribunal rejected the appellant's contention that incarceration precluded the risk of property dissipation, noting the appellant's ability to act via associates or power of attorney to frustrate proceedings. The attachment was upheld as an intermediate measure to preserve the properties for potential confiscation upon conviction, without affecting possession unless exceptional circumstances arise. The AT found no error in the Adjudicating Authority's confirmation of the attachment order, thereby affirming the restraint on the properties pending trial.
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