2022 (8) TMI 1361

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... plying with the condition imposed. The Court further observes that it shall be open to the Directorate to duly verify that all the petitioners maintain balances as were standing to the credit of the respective accounts on the date of seizure and that those balances are retained and preserved at all times during the pendency of proceedings before the Adjudicating Authority - Petition disposed off.
W.P.(C) 11700/2022, CM APPL. 34809-10/2022, W.P.(C) 11718/2022, CM APPL. 34836-37/2022, W.P.(C) 11762/2022, CM APPL. 35072/2022 & 35227/2022, W.P.(C) 11764/2022, CM APPL. 35073-74/2022, W.P.(C) 11765/2022, CM APPL. 35075-76/2022, W.P.(C) 11766/2022, CM APPL. 35077-78/2022, W.P.(C) 11767/2022, CM APPL. 35079-80/2022, W.P.(C) 11768/2022, CM APPL. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the agents of Vivo Mobile India Pvt. Ltd. which had also challenged debit freeze orders in terms of W.P.(C) 10382/2022. While entertaining that challenge, the Court had on 13 July 2022 passed interim orders permitting the petitioner to operate its bank accounts on terms provided in that order. The Court notes that in that writ petition, the allegation against the petitioner there was with respect to proceeds of crime which had at that time been quantified at approximately Rs. 1200 crores. The aforesaid amount was securitised by that petitioner by providing a bank guarantee of Rs. 950 crores coupled with its undertaking to maintain a credit balance of Rs. 250 crores in the subject accounts at all times. 3. Mr. Hossain, learned counsel appea .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... modified accordingly. 7. In view of the aforesaid stand as taken, the suggestion is accepted. The petitioners may file their requisite undertakings before the competent authority of the respondents to effect compliance with the terms set out in paragraph 6 above forthwith. Upon the filing of those undertakings, the respondents may permit operation of the concerned accounts subject to the petitioners complying with the aforesaid condition. 8. The Court further observes that it shall be open to the Directorate to duly verify that all the petitioners maintain balances as were standing to the credit of the respective accounts on the date of seizure and that those balances are retained and preserved at all times during the pendency of proceedi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X