The PMLA Appellate Tribunal, released the assets of 63 moons from attachment by the Enforcement Directorate (ED) on 17th September 2019. The tribunal, after quashing attachment orders, has asked the company to file an indemnity bond within a week.This order comes soon after the Bombay High Court order, which quashed the attachments of 63 moons assets under the Maharashtra Protection of...
The PMLA Appellate Tribunal, released the assets of 63 moons from attachment by the Enforcement Directorate (ED) on 17th September 2019. The tribunal, after quashing attachment orders, has asked the company to file an indemnity bond within a week.
This order comes soon after the Bombay High Court order, which quashed the attachments of 63 moons assets under the Maharashtra Protection of Interest of Depositors Act (MPID) Act, 1999.
The Tribunal has restrained 63 moons from dealing with the released assets till pendency of the trial of the larger issues in the PMLA court. Based on sound legal advice, 63 moons is of the opinion that passing of this sort of restraint order and of seeking an indemnity bond, particularly when the orders of attachment have been quashed, is beyond the power of the Tribunal under the PMLA. 63 moons is set to take appropriate legal recourse against this part of the order.