more-inThe Delhi High Court has stayed proceedings under the Prevention of Money Laundering Act (PMLA), 2002, against sand mining baron and former Tirumala Tirupati Devasthanams (TTD) Board member J. Sekar Reddy and two others. But as against the statutory requirement, a single member was conducting the proceedings under Section 8 of the PMLA. The court directed that further proceedings pursuant to the impugned order of provisional attachment dated May 5, 2017, including the proceedings under the Act for confirmation of the attachment shall remain stayed. After the accused were released on bail – since the CBI could not file charge-sheet within the mandatory 90 days period – the ED arrested them on charges of money laundering. The Madras HC had granted conditional bail to Mr. Reddy and others.

Source: The Hindu July 26, 2017 01:07 UTC