Why weren’t the petitions filed in Mumbai Delhi High Court questions Anil Ambanis companies challenging ED attachment of properties
Why weren’t the petitions filed in Mumbai Delhi High Court questions Anil Ambanis companies challenging ED attachment of properties The Delhi High Court while hearing petitions from two companies of the Anil Ambani Group against the Enforcement Directorate’s (ED) attachment of properties in a money laundering case on Friday questioned why
the petitions were not filed in Mumbai as it might not have the jurisdiction to hear them. Justice Purushaindra Kumar Kaurav said that the company is based in Mumbai and therefore the proceedings should have been initiated there. Why should we hear it here Why shouldn’t this case go to Mumbai
Senior Advocate Siddharth Agarwal appearing for Reliance Realty and Campion Properties Limited, insisted that the Delhi High Court has the jurisdiction to hear the petitions and that they have a valid case. Meanwhile advocates Zoheb Hossain and Vivek Gurnani, appearing for the ED
submitted that the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA) is already seized of the matter and the petitioners should present their arguments before the Authority.Why weren’t the petitions filed in Mumbai Delhi High Court questions Anil Ambanis companies challenging ED attachment of properties
Next hearing on January 30
After a brief hearing, Justice Kaurav asked the petitioners to file short notes on the maintainability of the petitions. The Delhi High Court will hear the matter again on January 30. According to reports the ED has provisionally attached properties worth several thousand crores belonging to various entities of the Reliance Anil Ambani Group under Section 5(1) of the PMLA
Rs 19,694 crore still outstanding.The ED is investigating allegations against Anil Ambani’s companies regarding the alleged misuse of bank loans loan evergreening, diversion to related parties, routing through shell entities, and siphoning of funds, leading to large non-performing assets (NPAs) and fraud declarations by banks. The ED has claimed that since 2010-12 RCom RelianceWhy weren’t the petitions filed in Mumbai Delhi High Court questions Anil Ambanis companies challenging ED attachment of properties
Communications) and its group companies raised thousands of crores of rupees from Indian banks, of which ₹19,694 crore is still outstanding.
ED investigation claims:
These assets became NPAs (Non-Performing Assets and five banks declared RCom’s loan accounts as fraudulent. The ED’s investigation claims that a loan taken by one entity from one bank was used to repay loans taken by other entities from other banks, transferred to related parties, and invested in mutual funds, which was in violation of the terms andWhy weren’t the petitions filed in Mumbai Delhi High Court questions Anil Ambanis companies challenging ED attachment of properties conditions of the loan sanction letter.
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