Karvy Group gets relief in PMLA case

Hyderabad: The Karvy Group got relief on Wednesday at Telangana High Court, with Justice K. Lakshman suspending an order of the adjudicating authority that was passed under the provisions of the Prevention of Money Laundering Act (PMLA) with respect of seizing of records and some assets by the Enforcement Directorate.

C. Parthasarathy of the Karvy Stock Broking Ltd and Karvy Realty and others had filed a petition before the High Court challenging the decision of the adjudicating authority which had approved the ED seizing some properties and records of the group.

They said the property and records were seized on September 22, 2021, and a freezing order was passed on September 24, 2022, by the adjudicating authority. The order must be approved within 180 days, otherwise the seizure orders would not be in vogue, the petitioners said.

In this case, it was passed long after the expiry of that time limit. Hence, the assets deserve to be unfrozen, they said.

The judge passed an interim order suspending the order of the adjudicating authority and posted the case to November 29.