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Dispose appeals filed by Bharati Cements by February 10, Hyderabad HC directs ED

Earlier, the ED had attached Rs 749 crore worth  movable and immovable assets of the company and its management under the PMLA.

Published: 01st February 2017 05:03 AM  |   Last Updated: 01st February 2017 05:03 AM   |  A+A-

By Express News Service

HYDERABAD: The Hyderabad High Court on Tuesday directed the Appellate Authority of Enforcement Directorate to dispose of the appeals filed by Bharathi cements belonging to YSR Congress leader Jagan Mohan Reddy and other companies by Feb 10, and asked the ED authorities not to take any coercive steps against these companies in taking possession of their properties which were earlier attached in the illegal investments case of Jagan under the PMLA (Prevention of Money Laundering Act).

Justice A Ramalingeswara Rao was disposing off batch of petitions filed by 13 individuals and companies, including Bharathi Cements and its managing director YS Bharathi, challenging the action of  ED in proceeding to take various properties, both movable and immovable, which were earlier attached by the ED. The judge also disposed of an appeal by the ED against the stay orders of a single judge with regard to attachment proceedings.

Earlier, the ED had attached Rs 749 crore worth  movable and immovable assets of the company and its management under the Act. The attachment was part of the ED’s probe of the disproportionate assets case of YSR Congress president Jagan Mohan Reddy.

The ED took into possession some of the attached properties after the adjudicating authority in New Delhi confirmed the attachments under the Act. Further, the probe agency transferred Rs 177 crore worth fixed deposits lying with various accounts of Bharathi Cements and several firms belonging to Jagan into the ED account.

Aggrieved over this, the companies moved the High Court and a single judge stayed the process till the appeals are finalised before the Appellate Authority. The ED then filed appeals before the division bench against the single judge order. The bench allowed the appeals granting status quo till Jan 31 and remanded the matter back to single judge for hearing the case afresh.

On Tuesday, ED counsel PSP Suresh Kumar submitted that the appeals of the petitioners companies before the Appellate Authority of the ED in New Delhi are listed for hearing on Feb 7 and 10. The judge then directed the Appellate Authority to dispose off the appeals by Feb 10, and asked ED not to take any coercive steps against the petitioners companies till then.

While disposing off the petitions, the judge extended the interim order in view of its expiry on today.



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