2020 (7) TMI 412 - HC - Money Laundering

Money Laundering - transfer of the amount directed even prior to the expiry of the period of the limitation for filing of an appeal as prescribed under Section 26(3) of the Prevention of Money Laundering Act, 2002 - HELD THAT - The appeal is already filed by the petitioner(s) before the learned Appellate Tribunal, the present petitions are disposed of requesting the learned Appellate Tribunal to consider and dispose of the application(s)/appeal(s) filed by the petitioner(s), as expeditiously as possible and preferably within a period of three weeks from today. The petitioner(s) shall be at liberty to produce this order before the learned Appellate Tribunal in support of their request for early hearing of the appeal(s)/application(s) filed by them. Petition disposed off.

Summary

Issues:
1. Exemption from filing certified/typed copies of annexures/order, notarized affidavits, and affixing court fee.
2. Direction to credit back the transferred amount pursuant to a specific order.
3. Interpretation of powers under Section 8(4) of the Prevention of Money Laundering Act, 2002.

Exemption Application:
The petitioners sought exemption from filing certified copies of annexures, notarized affidavits, and affixing court fees. The court granted the exemptions, binding the deponents of the affidavits to the applications' contents. The petitioners were directed to deposit court fees online within a week and file physical stamps within 72 hours of the Court's regular functioning resumption as per the Office Order dated April 04, 2020.

Credit Back Order:
The petitioners filed petitions requesting a writ of mandamus to direct the respondents to credit back an amount transferred per a specific order. The petitioners had appealed before the Appellate Tribunal under the Prevention of Money Laundering Act, 2002, but due to limited Tribunal functioning amid the Covid-19 pandemic, the appeals could not be heard. The court disposed of the petitions, urging the Tribunal to expedite the consideration and disposal of the appeals/applications within three weeks. The petitioners were permitted to present the court's order to the Tribunal for early hearing support.

Interpretation of Section 8(4) Powers:
The respondents defended the transfer of money under Section 8(4) of the Act, asserting it was valid. They argued that the petitioners should not be in a better position than before the Provisional Attachment or Adjudicating Authority's order. Considering both parties' submissions and the pending appeal before the Appellate Tribunal, the court disposed of the petitions, requesting the Tribunal to expedite the proceedings within three weeks. No costs were awarded, and the order was to be uploaded on the website and provided to the counsels via email.