Prakash Industries Ltd. vs Directorate of Enforecement

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

DELHI HIGH COURT
YASHWANT VARMA
Prakash Industries Ltd. – Appellant
Versus
Directorate of Enforecement – Respondent

JUDGMENT

1. For the purposes of ease of reference, this decision has been divided under the following categories:

A. INTRODUCTION

B. WHETHER PROCEEDINGS LIABLE TO BE DEFERRED

C. PRELIMINARY OBJECTION

D. THE BACKGROUND

E. SUBMISSIONS

F. MONEY LAUNDERING - A STAND ALONE OFFENSE

G. THE ARTICLE 20(1) ARGUMENT

H. AXIS BANK VS. SEEMA GARG

I. WHETHER ALLOCATION OF COAL IS PROCEEDS OF CRIME

J. THE IMPACT OF QUASHING OF THE FIRST CHARGESHEET

K. WHETHER ARTICLE 20(1) IN FACT VIOLATED

L. IMPUGNED ATTACHMENT AND EQUIVALENT VALUE

M. CONCLUSIONS

N. OPERATIVE DIRECTIONS

A. INTRODUCTION

2. These two writ petitions challenge proceedings initiated by the Directorate of Enforcement, the respondents herein, under the provisions of the Prevention of Money Laundering Act, 2002¹ . The leading writ petition had come to be preferred at a time when a provisional order of attachment came to be made under the Act. The Court, by its order of 06 January 2022, entertained the writ petition and called upon the respondents to file their replies. On 03 March 2022, this Court took notice of the proceedings initiated by the Adjudicating Authority before whom the matter came to be placed for the purposes of confir

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DELHI HIGH COURTYASHWANT VARMAPrakash Industries Ltd. – AppellantVersusDirectorate of Enforecement – Respondent

DELHI HIGH COURT
YASHWANT VARMA
Prakash Industries Ltd. – Appellant
Versus
Directorate of Enforecement – Respondent