2022 (7) TMI 301

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g provisional attachment orders made under the provisions of the Foreign Exchange Management Act, 1999. The total remittances which form subject matter of the impugned orders amount to Rs. 463 crores approximately. Pursuant to the impugned orders, a sum of approximately Rs. 270 crores standing to the credit of the various accounts of the petitioner have come to be attached. The Court is further apprised that the appellate tribunal is nonfunctional presently. Prima facie, the Court finds merit in the submission of Mr. Ganesh, learned Senior Counsel who submits that the impugned order confirming the seizure of bank accounts of the petitioner would not sustain under the provisions of the Act read with the relevant Rules framed thereunder. Le....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ere was no statutory obligation placed upon the petitioner to seek approval of the respondents. The Court also notes that till date the respondents have not drawn any proceedings either for adjudication or for levy of penalty under Section 13 of the Act. Matter requires consideration. For the purposes of considering the framing of interim directions, the Court notes on a writ petition filed before the Telangana High Court challenging a provisional seizure order, the petitioner had been accorded release of Rs. 15.5 cores as an interim measure to meet exigencies of day to day expenses, salaries of employees and other incidental expenses. Although the aforesaid order of temporary attachment had been assailed by the petitioner in a Special Le....