2015 (2) TMI 1244 - HC - Money Laundering

Order of attachment - Prevention of Money Laundering - Held that - We make it clear that by virtue of the said order dated 13.02.2015 all further proceedings pursuant to the impugned order of provisional attachment dated 15.11.2014 including the proceedings under Section 8 of Prevention of Money Laundering Act 2002 for confirmation of the provisional attachment shall remain stayed. However attachment of the property in question shall continue. It is further made clear that the period of stay pursuant to the interim order dated 13.02.2015 shall not be taken into consideration for the purpose of Section 5(1) of the Prevention of Money Laundering Act 2002 according to which the provisional attachment can be operational only for a period of 180 days from the date of the order of attachment. CM stands disposed of accordingly.

Summary

The High Court clarified that all further proceedings related to a provisional attachment order shall remain stayed, but the property attachment will continue. The period of stay will not count towards the operational period of the attachment under the Prevention of Money Laundering Act, 2002.