TMI Blog2022 (7) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... of the petitioner to continue the business which was permitted. The Court notes that insofar as the release of Rs. 15.5 crores is concerned, it was submitted by Mr. Ganesh that the aforesaid sum has not been released in fact and the petitioner has not even been able to utilise the same till date. The Court further notes the submission of Mr. Ganesh who contends that the aforesaid amount which was released was just sufficient to meet the needs of the petitioner for the period between November 2021 to January 2022. Bearing in mind the issues, which stand raised, this Court is of the opinion that in the interim certain amounts would merit being released in favour of the petitioner to enable it to meet its day to day expenses pending final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made under the provisions of the Foreign Exchange Management Act, 1999. The total remittances which form subject matter of the impugned orders amount to Rs. 463 crores approximately. Pursuant to the impugned orders, a sum of approximately Rs. 270 crores standing to the credit of the various accounts of the petitioner have come to be attached. The Court is further apprised that the appellate tribunal is nonfunctional presently. Prima facie, the Court finds merit in the submission of Mr. Ganesh, learned Senior Counsel who submits that the impugned order confirming the seizure of bank accounts of the petitioner would not sustain under the provisions of the Act read with the relevant Rules framed thereunder. Learned Senior Counsel conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ligation placed upon the petitioner to seek approval of the respondents. The Court also notes that till date the respondents have not drawn any proceedings either for adjudication or for levy of penalty under Section 13 of the Act. Matter requires consideration. For the purposes of considering the framing of interim directions, the Court notes on a writ petition filed before the Telangana High Court challenging a provisional seizure order, the petitioner had been accorded release of Rs. 15.5 cores as an interim measure to meet exigencies of day to day expenses, salaries of employees and other incidental expenses. Although the aforesaid order of temporary attachment had been assailed by the petitioner in a Special Leave Petition being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion of Mr. Ganesh who contends that the aforesaid amount which was released was just sufficient to meet the needs of the petitioner for the period between November 2021 to January 2022. Bearing in mind the issues, which stand raised, this Court is of the opinion that in the interim certain amounts would merit being released in favour of the petitioner to enable it to meet its day to day expenses pending final disposal of the present writ petition. Accordingly, let a sum of Rs. 25 crores be released in the interim, subject to the condition that the petitioner shall utilise the said monies only for the purposes of meeting its day to day essential expenditure as well as towards salaries of employees. The petitioner shall also place on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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