Miners Allowed to Use Frozen Bank Accounts

Published: 28th July 2015 05:46 AM  |   Last Updated: 28th July 2015 05:46 AM   |  A+A-

CUTTACK: In a relief to miners Triveni Earthmovers Pvt Ltd and Indrani Patnaik Mines, the Orissa High Court on Monday allowed them to operate their bank accounts frozen by the Enforcement Directorate (ED).

The division bench of Chief Justice DH Baghela and Justice BN Ratha, however, put a rider that the fixed deposits of the companies will be treated as bank guarantee and cannot be liquidated by them. Even as the deposits attain maturity, they cannot be withdrawn and should be renewed, the bench ruled.

The court, while fixing the case to three months for further hearing, has directed the ED to expedite the investigation.

The two miners have filed petitions challenging the notice issued by ED directing them to appear before it for investigation into the mining activities including freezing of their accounts under the Prevention of Money Laundering Act. The petitioners have challenged the notice stating that the Act was not applicable in their case and appealed to the court to stay further proceedings by ED.

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