Insolvency law cannot override PMLA, says NCLAT; upholds asset attachment by ED
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Time of India
2 hours ago
- Time of India
Monies never flew, ED claims absurd: Young Indian
Representative image NEW DELHI: Arguments continued in National Herald money laundering case on Monday before special judge Vishal Gogne of a Delhi court, with Young Indian Private Ltd, one of the defendants, contending that ED's chargesheet contradicted the income tax department's finding. Advocate Madhav Khurana, representing Young Indian, said according to I-T department, Rs 90 crore loan - allegedly given to Associated Journals Limited (AJL), a company that published the National Herald newspaper - was "a sham transaction". "Monies never flew, but that became the basis of the case. If two arms of govt are taking a different stance, how is the offence possible?" he asked. ED alleges that Young Indian, in which Sonia Gandhi & Rahul Gandhi owned 76% stakes, fraudulently usurped AJL's assets valued at Rs 2,000 crore in exchange for a loan of Rs 90 crore. ED's counsel had earlier said that AICC released Rs 90 to AJL with the intent to take over its properties through Young Indian. Another accused, Dotex Merchandise Pvt Ltd, argued that the ED wrongly proceeded in the case as it registered an ECIR (equivalent to FIR) on June 30, 2021, without obtaining a registered copy of the original complaint by Subramanian Swamy.
Time of India
3 hours ago
- Time of India
In action against Bhupinder Hooda's former principal secretary, ED attaches 9 houses, bank accounts worth Rs 14cr
Chandigarh: The Directorate of Enforcement (ED) on Monday provisionally attached nine houses and apartments, and bank accounts with balances worth Rs 14.06 crore, linked to former CM Bhupinder Singh Hooda's former principal secretary Murari Lal Tayal, his wife, and family members. The move comes even as the trial against Tayal, known as a confidant of Hooda, is yet to start. The attachment orders are based on investigations carried out by ED in a case linked to corruption and amassing assets disproportionate to known sources of income during Tayal's service as a bureaucrat in Haryana. The provisional attachments have been carried out under the Prevention of Money Laundering Act (PMLA), 2002 by ED's Chandigarh zone office. The nine immovable properties include two houses and seven apartments in Chandigarh, New Delhi, and Gurgaon. An FIR registered by the anti-corruption bureau (ACB) wing of CBI alleged that former IAS officer Tayal and his family members amassed assets disproportionate to his income from Jan 2006 to Dec 31, 2014. Tayal served as principal secretary to the then chief minister of Haryana from March 6, 2005, to Oct 31, 2009, and as a member of the Competition Commission of India from Nov 30, 2009, to Dec 31, 2014. Pursuant to this, ED investigated the financial affairs, income tax records, and stock market dealings of Tayal and his wife, Savita Tayal, who also served as a member of HPSC during the Congress govt, and their son, Kartik Tayal. The ED investigation revealed that from Jan 1, 2006, to Dec 31, 2014, the accused acquired disproportionate assets worth Rs 14.06 crore while using the proceeds of crime (PoC) generated through illegal gratification. Last year, CBI filed a voluminous chargesheet against the accused, and the trial could not be advanced as the agency did not get permission for prosecution of the officer from the depart of personnel and training, as well as the govt of Haryana. During the Bhupinder Hooda-led Congress govt, Tayal enjoyed plum postings in Haryana as well as the Centre.
Time of India
5 hours ago
- Time of India
'Bail rule, jail exception' principle forgotten in recent past, says CJI Gavai
CJI Gavai NEW DELHI: Chief Justice of India B R Gavai lamented that in the recent past, the principle of "bail is the rule, and jail is the exception" has been forgotten. Though judicial pronouncements over the decades have integrated this norm, it has not been implemented in true spirit in recent years, he said. Delivering the Justice V R Krishna Iyer Memorial Law Lecture in Kochi on Sunday, the CJI said he tried to reestablish the principle while granting bail in various cases, paving the way for high courts and lower courts to follow suit. "I am happy to state that I had the opportunity in the last year, 2024, to reiterate this legal principle in the cases of Prabir Purkayastha, Manish Sisodia, and Kavita vs ED," Justice Gavai said. Justice Iyer's contribution was immense in protecting the rights of marginalised communities, he said. The SC in recent years passed a series of orders to protect the rights of undertrial prisoners and held that delay in trial and long incarceration were grounds to grant bail even in serious offences under the PMLA and the UAPA, A, despite stringent bail conditions under the special laws. It opened the gate for bail to accused in money launder- ing and unlawful activities cases. The CJI also recalled Justice Iyer's strong opposition to undertrials being kept in jail for long periods without trial. In an important ruling in Aug last year, SC had held that the conventional idea of 'bail is the rule, jail is an exception' should be applicable not only to IPC offences but also to other offences for which special statutes have been enacted, such as UAPA, if the conditions prescribed under that law are fulfilled. SC in its various orders had appealed to HCs and lower courts to be liberal in granting bail and asked them not to hesitate in granting the relief in serious offences also if a case is made out for bail.
