https://www.taxtmi.com/caselaws?id=753426 Delhi HC allowed substitution of 1,70,00,168 JSPL shares (book value Rs. 3,11,05,588) attached under PMLA Section 5(1) with interest-bearing FDR of equivalent amount. Court distinguished between proceeds of crime and equivalent value of proceeds of crime, noting shares were attached as latter not former. Relying on SC precedent in Esskay Properties, HC ordered release of shares upon furnishing FDR in petitioner's name deposited with Enforcement Directorate having lien rights. Court emphasized its power to modify status quo orders while protecting opposite party's interests through adequate security. en-us Wed, 22 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753426 Delhi HC allowed substitution of 1,70,00,168 JSPL shares (book value Rs. 3,11,05,588) attached under PMLA Section 5(1) with interest-bearing FDR of equivalent amount. Court distinguished between proceeds of crime and equivalent value of proceeds of crime, noting shares were attached as latter not former. Relying on SC precedent in Esskay Properties, HC ordered release of shares upon furnishing FDR in petitioner's name deposited with Enforcement Directorate having lien rights. Court emphasized its power to modify status quo orders while protecting opposite party's interests through adequate security. Case-Laws Money Laundering Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753426