Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2022 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 613 - HC - Money LaunderingSeeking direction to 1st respondent to grant extension of time to the respective petitioners to prepare a reply to the show cause notice, for a further period of two months - seeking direction to exclude the two month period from the computation of 180 days under Section 5(3) of the Prevention of Money Laundering Act, 2002 - HELD THAT:- The petitioners have to collect information and submit effective reply. It is also not in dispute that several documents running into about 5000 pages were furnished to the petitioners along with the show cause notice. They have to go through the same and submit explanation effectively. It is also not in dispute that C.Parthasarathy, Chairman of Karvy Group of Companies is involved in several crimes and he was arrested. He was released on bail only on 25.06.2022. The Courts concerned have imposed several conditions including the condition of his appearance before the Investigating Officer concerned and to cooperate with him by furnishing information/documents as sought by him in concluding investigation. It is also not in dispute that one crime is pending in Bangalore and that he has to appear before the Investigating Officer in the said crime. In proof of his hospitalization from 25.06.2022 and 30.06.2022 and sending of sample to biopsy, he has filed medical reports which are not disputed by 2nd respondent/Investigating Agency. No doubt that the adjudicating process as envisaged under Section 8 of the Act is timebound process. Timelines are mentioned therein - the petitioners are entitled to grant of extension of some reasonable time to submit reply to the show cause notice, dated 22.04.2022. According to this Court, two months time from today is reasonable. These Writ Petitions are disposed of granting two months time from today to the petitioners in both the writ petitions to submit their explanation/reply to the show cause notice dated 22.04.2022.
|