TaxTMI 
TaxTMI 
2022 (2) TMI 960
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....tered against Arthatatwa Group of Companies and others. Subsequently, Central Bureau of Investigation (CBI) took up investigation of the said cases along with other cases in pursuance to the directions issued by the Supreme Court of India. As such, SPE Case No.42 of 2014 (arising out of Kolkata CBI/SCB/RC/No.47/S/2014-Kol. dated 5th June, 2014) has been registered alleging commission of offences under Section 120-B/294/341/406/409/420/467/468/471/506/34 of the Indian Penal Code and Sections 3/4/5 of the Prize Cheat and Money Circulation Scheme (Banning) Act, 1976. Keeping in view the nature of allegations and as materials surfaced revealing commission of schedule offences under the Prevention of Money Laundering Act, 2002 (hereinafter "PML ....
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.... more accused, namely, Jyoti Prakash Jay Prakash has also been released on anticipatory bail in ABLAPL No.15091 of 2019 vide order dated 27.10.2021 by different coordinate Benches of this Court. 6. Mr. G. Agarwal, learned counsel for the Enforcement Directorate (ED) (complainant) submits that there are ample materials against the Petitioner evidencing commission of offences of Money Laundering where the Petitioner has taken active role to siphon public money in close association of other accused persons. 7. After hearing both the parties, it reveals that two other co-accused persons, namely, Pradeep Kumar Sethy and Jyoti Prakash Jay Prakash, whose release on bail has been referred by the Petitioner were granted on bail upon reliance o....
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..... All the matters before us in which bail has been denied, because of the presence of the twin conditions contained in Section 45, will now go back to the respective courts which denied bail. All such orders are set aside, and the cases remanded to the respective courts to be heard on merits, without application of the twin conditions contained in Section 45 of the 2002 Act. Considering that the persons are languishing in jail and that personal liberty is involved, all these matters are to be taken up at the earliest by the respective courts for fresh decision. The writ petitions and the appeals are disposed of accordingly." 9. In the case of Jyoti Prakash Jay Prakash vs. Union of India (E.D.) (disposed of on 27.10.2021 in ABLAPL No.1509....
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....onsideration. xx xx xx 21. The Hon‟ble Apex Court thus noticed anomalies in prescribing conditions for entertaining petition for grant of bail under Section 45(1) of the PMLA with reference to the Scheduled offences. In paragraph 46 of the judgment in case of Nikesh Tarachand Shah (supra), it has been held that Section 45 of the PMLA is a drastic provision which makes drastic inroads into the fundamental right of personal liberty guaranteed under Article 21 of the Constitution of India. It was observed that before application of such provision, one must be doubly sure that it furthers a compelling State interest in tackling serious crimes. Absence of any such compelling State‟s interest, indiscriminate application of....
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.... of 2018; the entire Section 45 has been reframed in reviving and resurrecting the requirement of twin-conditions under sub-Section (1) of Section 45 of the PMLA for grant of bail. In view of clear language used in paragraph 46 of the Hon‟ble Supreme Court‟s decision in case of Nikesh Tarachand Shah (supra), this Court is of the considered view that the amendment in sub-Section (1) of Section 45 of the PMLA introduced after the Hon‟ble Supreme Court‟s decision in case of Nikesh Tarachand Shah (supra) does not have the effect of reviving the twin-conditions for grant of bail, which have been declared vires Articles 14 and 21 of the Constitution of India." 10. In the case of Pradeep Kumar Sethy vs. Enforcement Direc....