#may08 | Explore Tumblr posts and blogs

defensenow · 8 months ago

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seemabhatnagar · 2 years ago

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Freezing of bank account for unconnected entities is legally untenable.

M/s Jermyn Capital LLC Dubai v. Central Bureau of Investigation

Fact:

M/s Jermyn Capital LLC Dubai (#Appellant Company) was Permitted by Securities Exchange Board of India (#SEBI) to buy & sell share & securities in the #Indian Stock Market.

The appellant company had its shares in its account with #ICICI Bank.

However, due to certain litigation the appellant company quit the trading in the Indian Market in 2006.

But appellant company was subjected to 02 #freeze orders under section 102 #Cr PC. (This section empowers police officers to seize any property which gives suspicion for commission of any offence.)

The freeze order for an amount of Rs.42.51 crore was initiated because of the #pending #investigation against Dharmesh Doshi

Against the freeze order the appellant company approached the Apex Court & the #ApexCourt allowed the appellant Company to sell its shares & convert into cash and repatriate the funds with interest but without bank guarantee.

Rs. 42.51 Crore was repatriated.

Issue arose when appellant company was incapacitated by second freeze order for an amount of Rs. 38.52 crores to repatriate.

Aggrieved by the freeze the appellant company again approached the Apex Court.

The Apex Court gave liberty to the appellant company to approach trial court for release of the said amount.

The trial court allowed the repatriation of Rs.38.52 Crores subject to the #Bank Guarantee of an equivalent amount.

Aggrieved by the imposition of Bank Guarantee Clause the appellant Company approached High Court.

High Court confirmed the decision of Trial Court.

Against the order of the High Court present Criminal Appeal is filed before Apex Court.

Observation of the Apex Court:

Imposition of Bank Guarantee clause as due to pending investigation against Dharmesh Doshi, alleged to have been connected with the appellant company.

Record shows that Dharmesh Doshi has been discharged by the trial court, was never an employee/shareholder/director or holding key managerial position in the appellant company.

Dharmesh Doshi & Appellant Company are 02 separate entities.

Freezing order as such not legally tenable when two entities are unconnected.

Neither in the FIR nor in the chargesheet filed against the Dharmesh Doshi, appellant company was named.

Further during hearing CBI informed the Apex Court that no criminal proceedings is pending against the appellant company pertaining the dispute discussed here.

The freeze order against the appellant company’s properties is redundant as the appellant company is not necessary for the conclusion of the investigation.

The purpose of the freeze order, and the bank guarantee in extension of the freeze order, can only be in operation to aid in the investigation against the alleged crime.

Since the investigation against the appellant company has become redundant as such freeze order has also become redundant.

The operation of the freeze order has been active for a period of 17 years and has caused huge losses to the appellant company.

Decision:

The Division Bench of Hon’ble Mr. Justice Krishna Murari J & Hon’ble Sanjay Kumar J vide their order dt.09.05.2023 set aside the order of the High Court and permitted the appellant company to withdraw the said amount with 4% simple interest from May08, 2006.

Seema Bhatnagar

#criminalappeal #freezingofbankaccount #unconnectedwiththeoffence #namedinFIR&Chargesheet #foreigninstitutionalinvestor #cbi #highcourt #supremecourtofindia #icici bank #tradinginstockmarket

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ithinkibetterfollowyouaround · 1 year ago

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Rebelski - "Navigation"

Rebelski has shared the second single, “Navigation”, off his upcoming album “Simplicity” out August 25th. TRACKLIST:01. Navigation 02. Hatchling03. Transport 04. Chocolate 05. Desk06. Arp07. May08. Tuesday 09. Wednesday 10. Patience 11. Existence 12. Longitude13. Preparation14. Friday15. Break Rebelski shares this about the album: “After several years of touring with DOVES, PETER HOOK & THE…

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earlybeck · 6 years ago

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04.21.26.18 am | a happy new day early morning reading matter - for us being in love

You - m i S S

#3184

@perrypoetry : I’m curious how you all interpret this piece.

six years ago today | ten years ago today | seventeen years ago - tripartite

#Love #Forever #Sharethelove #miSSIngyou #Always #December2012 #December2009 #January21 #May08 #April1999 #July2001 #August2001 #May2010

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earlyback · 6 years ago

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04.21.26.14 pm | a happy new day afternoon reading matter till we meet - for us being in love.

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04.21.26.14 pm | a happy new day afternoon reading matter till we meet - for us being in love.

Ooh woo, I'm a rebel just for kicks, now I've been feeling it since 1966, now Might be over now, but I feel it still. Ooh woo, I'm a rebel just for kicks, now Let me kick it like it's 1986, now. Might be over now, but I feel it still Might've had your fill, but I feel it still.

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04.21.26.14 pm | a happy new day afternoon reading matter till we break the bread again. - for us being in love.

18.11.26.21 pm | a happy new day late afternoon reading matter till we meet - for us being in love.

You - m i S S

#3368

to them - listen adequate music : c - d - s - k - k - a

six years ago today | ten years ago today | seventeen years ago - tripartite trouble.

Lettering Artist 🖋🖌🖍: @luislili

Pics : Ingrid Bergman in Stromboli (Roberto Rossellini, 1950)

#Love #Forever #Sharethelove #miSSIngyou #Always #January21 #May08 #April1999 #August2001 #July2001 #May2010 #October1988 #November1991 #October1991 #September1995 #June1975 #Aprillia26 #January14 #Postmeantfor US

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aniki-kitsune23 · 5 years ago

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May 08: Desmond Nada's older brother and bard. Wandering the land to master the art of music! #NadaInMay #may08 #May #creature #characterdesign #doodle #watercolor #mouse #rose #artistoninstagram #Nada #Desmond #purple #bard #guitar https://www.instagram.com/p/CAVYCzrDhy9/?igshid=1sb7c2ljwh4v8

#nadainmay #may08 #may #creature #characterdesign #doodle #watercolor #mouse #rose #artistoninstagram #nada #desmond #purple #bard #guitar

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danishroyalty · 8 years ago

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