Calcutta High Court turns down ED plea to freeze Rashmi Metaliks' assets

by IANS |

Kolkata, Aug 12 (IANS) A single judge bench of the Calcutta High Court turned down the plea from the Enforcement Directorate (ED) to freeze the assets of Rashmi Metaliks Limited and also gave a clean chit to the company in a money laundering case filed against it by the central agency.

Calcutta High Court's single-judge bench of Justice Moushumi Bhattacharya observed that the ED raids in multiple premises of the company and subsequent freezing of bank deposits worth Rs 95 crore were conducted after seven years from the date on which all pending proceedings in the matter were stayed by the Supreme Court.

Justice Bhattacharya also observed that the impugned orders cannot be sustained either in law or in fact.

"This court is therefore inclined to hold that the ED could not have initiated any action against the petitioners during the subsistence of the order of stay of the pending proceedings against the petitioner no. 1 by the Supreme Court dated 14th December, 2015," Justice Bhattacharya's order said.

The single-judge bench also maintained that the prayer for stay made on behalf of the Enforcement Directorate was considered and refused given the findings and observations made in the judgment," read the court order.

Latest News
Aaftab Amin Poonawalla's judicial custody extended for 14 more days Fri, Dec 09, 2022, 01:34 PM
Indian-origin Sushmita Shukla named First VP of Federal Reserve Bank of New York Fri, Dec 09, 2022, 01:00 PM
Randhawa and Singh trail going into final round of PGA Tour Champions Q-School Fri, Dec 09, 2022, 12:59 PM
Uproar in RS over Bihar law & order situation, Lakhimpur Kheri farmers' compensation issue Fri, Dec 09, 2022, 12:59 PM
Alyssa Healy relishing challenge of stepping into Lanning's shoes Fri, Dec 09, 2022, 12:57 PM
FIFA World Cup arouses Gazans' enthusiasm despite daily woes Fri, Dec 09, 2022, 12:56 PM
Brazil must be at their best to beat Croatia: Danilo Fri, Dec 09, 2022, 12:55 PM
Indigenous sport kabaddi triumphs over a global marquee sporting event in latest viewership data Fri, Dec 09, 2022, 12:54 PM
Germany, Belgium's early exits lead to jersey devaluation Fri, Dec 09, 2022, 12:53 PM
TPL: Bengaluru Spartans displace Finecab Hyderabad Strikers from the top on Day 2 Fri, Dec 09, 2022, 12:52 PM
Australian Open 2022: World No 1 Swiatek leads entry list Fri, Dec 09, 2022, 12:51 PM
Overcoming odds, 3 movement leaders emerge victorious in Guj Assemby polls Fri, Dec 09, 2022, 12:49 PM
US and Russia undertake high-profile prisoner swap at Abu Dhabi airport Fri, Dec 09, 2022, 12:42 PM
Extrajudicial killings, enforced disappearances continue in Balochistan: rights body Fri, Dec 09, 2022, 12:36 PM
ED tracking links between teachers' recruitment & cattle smuggling scams in Bengal Fri, Dec 09, 2022, 12:25 PM