9911796707
TMI Blog2025 (3) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 11 of 2024 dated 30.09.2024 and seeking the release of the property from attachment. Petitioner is also praying for appropriate writ/direction for redrafting of the definition of ''value'' as provided under Section 2(1)(zb) of the Prevention of Money-Laundering Act, 2002 (hereinafter referred to as the 'PMLA Act'). 2. The petitioner is a company registered under the Indian Companies Act, 1956 having its registered office at Flat No. 1, Rupayatan Apartment 31/4, New Palasia, Indore, MP. The Petitioner is engaged in the real estate business, as well as the construction and development of colonies. The Petitioner purchased agricultural land bearing Survey No. 47, 50, 53/1, 65, 66/1 and 69 admeasuring 3.053 acres at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... writ petitions are pending. In the said attachment order, no property of the petitioner was involved. Subsequently, a complaint was filed on 12.05.2022 wherein the petitioner was not arraigned as an accused, however, Vijay Agrawal has been made an accused. Now, vide impugned attachment order No. 11/2024 dated 30.09.2024, respondent No.2 has attached the property of the petitioner bearing Survey No. 47, 50, 53/1, 65, 66/1 and 69 at the book value of Rs. 4,63,25,000/-. 4. According to the petitioner, the said property has been attached to its book value on the date of acquisition and not on the present market value as evident from the PAO itself because of the definition 'value' under Section 2(1)(zb) of the PMLA Act. According to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fair market value of any property on the date of its acquisition by any person, or if such date cannot be determined, the date on which such property is possessed by such person.' 8. As per the definition of the word 'value' it means a fair market value of the property on the date of its acquisition and the same is taken into consideration in the adjudication process. The word 'property' is defined under Section 2(1)(v) of the PMLA Act which is reproduced below : ''property'' means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible or intangible and includes deeds and instruments evidencing title to, or interest in, such property or assets, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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