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ED attachment: Relief granted to Jagan companies

The Hyderabad HC on Wednesday ordered that properties and fixed deposits of the petitioner companies were not to be taken into possession till the stay petition moved by Bharathi Cements belonging to

Published: 22nd December 2016 01:30 AM  |   Last Updated: 22nd December 2016 05:14 AM   |  A+A-

By Express News Service

HYDERABAD: The Hyderabad HC on Wednesday ordered that properties and fixed deposits of the petitioner companies were not to be taken into possession till the stay petition moved by Bharathi Cements belonging to YSRC president YS Jagan Mohan Reddy was decided by the Appellate Tribunal.

Justice Raja Elango passed the order on the petitions filed separately by Harish Infra, Revan Infra, Capstone Infra, Utopia Infra and Saraswati Power Silicon Infra seeking directions to the Enforcement Directorate not to take possession of their properties which are attached in the case pertaining to Bharathi Cements Limited. Earlier, the ED, which was probing the quid-pro-quo deals of Jagan, issued proceedings under the PMLA for attachment of properties of the petitioner companies by claiming that they were proceeds of the crime.

Later, the adjudicating authority of ED passed an order confirming Bharathi Cements’ provisional properties. On Wednesday, the counsel appearing for the petitioner contended that they had statutory period of 45 days’ time to avail their legal remedies against the order of the adjudicating authority confirming the provisional attachment under the PMLA. Taking into consideration of the petitioners’ contention, the judge granted relief to them.

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