Case Law Details
Directorate of Enforcement Vs PC Financial Services Private Limited & Anr. (Delhi High Court)
Delhi High Court held that High Court had disposed of the Letters Patent Appeal as the Appellate Tribunal was not functional, however, order was passed when the Appellate Tribunal became functional. Accordingly, the order passed in LPA will not come in the way of the parties as an equally efficacious alternative remedy available before the Appellate Tribunal.
Facts- The appellant Directorate of Enforcement is investigating a number of Non-Banking Financial Companies (NBFCs) and Fintech Companies under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). In exercise of the powers conferred under the PMLA, the appellant seized an amount of Rs.106,93,84,385/- vide seizure order dated 26.08.2021 [later corrected as Rs.87,84,26,805/-] and an amount of approximately Rs.51,22,88,087/- u/s. 37A(1) of Foreign Exchange Management Act, 1999 (FEMA).
Post various Writ and Special Leave Petition, an amount of Rs.15,35,45,317/- and also Rs.25,00,00,000/- was directed to be released.
The appellant later on filed a complaint dated 21.06.2022 under Section 16(3) of the FEMA before the Adjudicating Authority against the respondent No.1 company and the other Notices praying for penalization of the Notices and for confiscation of the seized properties of Rs.252,36,23,862/-.
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