Hyderabad: In a relief to M/s Musaddilal Gems and Jewels (India) Private Limited, Justice K. Sharat of Telangana High Court on Wednesday directed the Enforcement Directorate to release the assets seized on October 17 last year.
The Enforcement Directorate had confiscated gold and jewellery worth over Rs 53.98 crore and Rs 1.75 crore cash, after raids at the Musaddilal firm and the residences of its directors. Aggrieved over it, the firm and its directors approached the High Court.
Senior counsel B. Chandrasen Reddy argued that the ED action is unlawful, arbitrary and violative of the requirements of the PMLA Act. He said that reasons for the searches and seizure have to be recorded and communicated immediately. But, the authorities failed to do so.
Taking the arguments into consideration, the Court directed ED to release the said properties.
