Bank Account freeze Case, Very Genius argument by srn Advocate

[00:00:00]Now, in this case, my lords, one is attachment of the bank accounts. The other is, my lords, direction for the gold to be kept frozen. The third is sealing of the office premises. All the three will have to go because 107 is not complied.

[00:00:15]>> My lord, again My lord, there is there is a direction to the AU bank to decrease the account.

[00:00:21]>> Mhm.

[00:00:21]>> My lord, the state is intimated to her to decrease the two accounts.

[00:00:26]>> Mhm.

[00:00:27]>> My lord, the after receipt of the letter from the CID, superintendent of CID >> Mhm.

[00:00:32]>> My lord, the since there is a another freezing order from the KPID >> Mhm.

[00:00:37]>> we intimated to the KPID.

[00:00:39]>> Mhm.

[00:00:41]>> And if you give a clarification, my lords, to this can you just give a clarification by virtue of my lords' order, my lords, we brought it to the notice of the court that GST payments have to be made.

[00:00:51]>> Correct.

[00:00:52]>> My lords, at least I permitted GST >> So, we wrote to the IO. IO wrote to the three banks to decrease for us to pay the GST. Two banks obliged, and we were able to get a crore odd from each of those banks. The bulk of the amount was with the present bank, AU bank. So, even the IO had written to them to decrease.

[00:01:11]In the meanwhile, my lords, under the KPID Act, the competent authority wrote to them that they're freezing it. My lords, we challenged the action of the competent authority, his appointment under the KPID Act on the ground that once Buds Act is invoked, you can't have KPID Act. And in that, my lords, there's an order of stay granted by this honorable court, and after which there's no impediment for them to release the amount. Now, without releasing the amount, they have now filed an application to implead themselves to get clarification from the court whether they can release the amount.

[00:01:44]>> 13/5 13/5/2026 KPID wrote a letter to us, my lord. The annexure F >> Mhm.

[00:01:51]>> page number 20 >> Yes.

[00:01:52]>> My lord, we we have narrated everything to the KPID since there there is a order passed by the honorable court we need to comply the order. My lord PID my lord internal order and letter to us. My lord I am permitted to further your your attention is invited to the question related to the 84 where it is clearly stated that the freezing order And it's the order is there of this honorable court staying the PID proceedings. It page 64 is the order detailed order my lords.

[00:02:21]Page 64 362026 after date Page 64 The court deals with the two acts my lords Budzac and KPID Act and the order of stay of the appointment of the competent authority and all the proceedings there after. That should in fact be a reply my lords that there is no impediment for them to release the amount. So far as so far as we paying the GST is concerned my lords.

[00:02:49]Now it's only for the payment of GST the from GST we received two notices actually pointing out the default.

[00:02:56]We will be open to proceedings under that act my lords.

[00:03:02]My lords may I recollect my lords once Budzac has come in my lords. KPID Act was an earlier act. Various states had acts similar to KPID Act. Four of the states now have repealed it because Budzac deals with the very same subject matter of deposits. So my lords four of the states repealed it. So when we pointed out here we have a central enactment vis-a-vis state enactment this order what is passed my lords it's staying.

[00:03:27]>> In fact your lordship may have it either after now. I want I wanted to place two documents. One the additional document they have filed your lordship may recall my your lordship has dismissed challenge for FIR which taken to Supreme Court and Supreme Court has confirmed it. While in the SLP pending they have filed an additional document in enclosing the fact that where your lordship stayed this order and brought to the knowledge of the Supreme Court and when the matter was pending before this court and the Supreme Court, fresh accounts have been opened and this petition my lord was filed in coordinate bench. May I place the pleadings also my lord claiming that they are not an accused. They have nothing to do with the Jargold. And on the other side they say that they are subsidiary of Jargold. And I'll place all those things. Question tomorrow. Please.

[00:04:13]List tomorrow in the fresh matter. Heard the learned senior counsel Sandesh Chouta appearing for the petitioner.

[00:04:17]List tomorrow in the fresh matters list at the request of learned additional SPP. Hello to this memo documents I've given the seven events that have taken place post my lord's order.

[00:04:26]Yes my lord, post my lord's order when we went to the SLP liberty was given to challenge the charge sheet. Meanwhile this attachments and the order liberty given by Supreme Court enabling you to challenge it in a if a charge sheet is filed. My lord's order was upheld but liberty granted. Then comes this attachments which my lord was pleased to pass the interim orders to safeguard the GST. The whole sequence seven events I've put it together my lord.

[00:04:52]And Jargold also my lord the writ which they filed in the vacation. Jargold is a parent company my lord. I'm sorry.

[00:04:59]Chain Jargold. Chain Jargold is a parent company which approached the court. They were not an accused in this matter. They approached the writ petition on the ground my lord 107 was not complied with was interim order. The whole sequence is there.

[00:05:13]I'll also go through.

[00:05:19]This point here.

[00:05:21]Oh sorry for the respondent.

[00:05:24]Heard the learned We [laughter] should be interchanging. Heard the learned additional SPP appearing for the petitioner and the learned senior counsel Sandesh Chouta representing the respondents. Yes.