VIJAYAWADA: The Andhra Pradesh High Court expressed its dismay over the Enforcement Directorate seizing the properties of AgriGold which were auctioned under the court’s supervision. Hearing a petition filed by the India AgriGold Customers and Agents’ Association, challenging the interim orders of ED to seize the company’s properties that were purchased by them in the auction, Justice Chimalapati Ravi questioned how could the ED seize the auctioned properties. Is it not contempt of the court? he asked.
Observing that the ED auction is tantamount to interfering with the judicial process of the court, the judge asked the ED if it wants buyers of the properties that were auctioned under its supervision to make rounds at the court to get them back.
Advocates for ED argued that under the Prevention of Money Laundering Act, the Central agency is empowered to seize the properties that were seized by CID in the past and pointed out that even the Supreme Court had supported the Act.
Further, the court sought to know whether its orders have to be obeyed by the Special Court or not.
Advocate General S Sriram made it clear that their paramount objective is to protect the interests of the depositors and that they are no way connected with money laundering.
The court reserved its judgement after hearing the arguments. The interim stay orders on proceedings of ED Adjudicating Authority were extended till the verdict is out.
‘Main objective is to protect interests of depositors’
Intervening at that time, the court sought to know whether its orders have to be obeyed by the Special Court or not. Advocate General S Sriram in his arguments made it clear that their paramount objective is to protect the interests of the depositors and they are no way connected with money laundering.