Case Law Details
Karvy Realty India Ltd. Vs The Adjudicating Authority (Telangana High Court)
Telangana High Court granted two months time for submission of reply to the show cause notice. Further, stated that extended period of two months will be excluded for the purpose of computing period of 180 days under Section 5(3) of the Prevention of Money Laundering Act, 2002.
Facts- This writ petition is filed to issue a direction to 1st respondent to grant extension of time to the petitioners to prepare a reply to the show cause notice, for a further period of two months and consequently exclude two month period from the computation of 180 days under Section 5(3) of the Prevention of Money Laundering Act, 2002 (for short, ‘the Act’).
Conclusion- Noted that it will take some time to go through the relevant documents, collect information and prepare reply. Accordingly, this Writ Petition is disposed of granting two months’ time from today to the petitioners to submit their explanation/reply to the show cause notice and it is relevant to note that for the purpose of computing the period of 180 days, the period which was extended by this Court for submitting reply is excluded as per third proviso to Section 5(1) of the Act.
FULL TEXT OF THE JUDGMENT/ORDER OF TELANGANA HIGH COURT
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