2017 (9) TMI 1962 - HC - Indian Laws

Attachment of Bank Account of petitioner - order issued by the Securities and Exchange Board of India - alternative remedy available to petitioner or not - HELD THAT - It appears that the Securities and Exchange Board of India in exercise of powers under Sections 28A((1), 11(2)(ia) of the Securities and Exchange Board of India Act, 1992 read with Section 226 and the Second Schedule of the Income Tax Act, 1961 has attached the Bank account of the petitioner. The petitioner has statutory alternative remedy available. Petition disposed off.

Summary

The High Court of Calcutta in the case of Haridas Kundu v. The Union of India & Ors. challenged an order of attachment issued by the Securities and Exchange Board of India on the petitioner's bank account. The court noted that the petitioner has a statutory alternative remedy available and declined to interfere in the writ petition. The writ petition was disposed of with no order as to costs.