Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2021 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 83 - HC - Money LaunderingRelease of provisionally attached properties - Seeking release of goods and hand over to respondent no.4 liquidator in order to reimbursement of the deposit/investment of the investor/depositor of ACCSL - seeking process of winding up and appointment of liquidator under the provisions of MSCS Act, 2002 - direction to to respondent no.1 and 2 to immediately to frame guidelines with regards to loopholes of the Multi State Co-coperative Society Act, 2002 - HELD THAT:- It is pertinent to note that winding up of Multi-State Cooperative Societies is governed by the provisions contained in Chapter X of the Act of 2002. If the Central Registrar on the basis of the audit, special audit, inquiry or inspection conducted under the provisions of the Act of 2002 is of the opinion that any society ought to be wound up may after giving the society a reasonable opportunity of making its representation, direct it to be wound up. The Central Registrar is also empowered to direct winding up of the society on his own motion. Thus, nothing prevented the aggrieved persons from approaching the Central Registrar to initiate the process for winding up of the society. The Enforcement Directorate has provisionally attached the properties of ACCSL, the society in liquidation, under the provisions of PMLA. It is noticed that the order passed under Section 5(1) of PMLA, provisionally attaching the property is subject to confirmation by the Adjudicating Authority under Section 8(3) of PMLA. It is only after confirmation of the attachment order, the property attached can be taken possession of. Further, confiscation of property can be ordered, when after the trial the offence of money laundering is found proved. Thus, the directions sought by the petitioners as aforesaid, at this stage are absolutely misconceived. In any case, this Court is not inclined to inter-meddle with the proceedings initiated by the Enforcement Directorate in conformity with the provisions of PMLA, in exercise of PIL jurisdiction. There are no good reason to entertain the present writ petition preferred by the petitioners - petition dismissed.
|