Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Penalty proceedings against a licensee of a Special Warehouse under section 58A were invalidated because they were initiated under generic Warehouse Regulations instead of the Special Warehouse Regulations that govern section 58A licensees; reliance on an audit report that was not supplied to the licensee and commencement of proceedings nearly five years after surrender and acceptance of the licence further vitiated the case. The combination of incorrect regulatory basis, non-disclosure of the foundational audit document and inordinate delay rendered the penalty order unsustainable, and remand was refused in favor of quashing the order.
Penalty proceedings against a licensee of a Special Warehouse under section 58A were invalidated because they were initiated under generic Warehouse Regulations instead of the Special Warehouse Regulations that govern section 58A licensees; reliance on an audit report that was not supplied to the licensee and commencement of proceedings nearly five years after surrender and acceptance of the licence further vitiated the case. The combination of incorrect regulatory basis, non-disclosure of the foundational audit document and inordinate delay rendered the penalty order unsustainable, and remand was refused in favor of quashing the order.
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