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2018 (7) TMI 1222 - AT - Money LaunderingOffence under PMLA - Provisional Attachment Order - Held that:- the respondent cannot be permitted to say that since the bank was not a party to the proceedings by taking the reap advantage or benefit from such transfer of shares as the respondent No. 1 was the party and the interim order was passed in the presence of his counsel. The said argument have no substance. Even after transfer of shares by the bank in favour of the respondent No. 1, it was the duty of the respondent no. 1 to inform the bank that the said transfer has been made after passing the interims and the same is in violation of orders. There is no material on record to show the respondent No. 1 in order to show its bonafide to re-transfer the same to the bank. Thus direct the respondent to re-transfer back the equity shares of appellant which are the subject matter of the present appeal to the demat account of the appellants forthwith. The above said order shall have no bearing in other proceedings in authorities. The present order is pertaining to the subject matter of present appeal only.
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