Bail refused- U'S 8(1) of the PMLA- Rose Valley case titled Gautam kundu v. Manoj Kumar

Court :- Supreme Court , Citation :- https://www.sci.gov.in/jonew/judis/43201.pdf

A show cause notice U/S 8(1) of the PMLA was served on the Rose Valley and its officials. By challenging the show cause notice the rose valley filed the writ petition before the High Court of Calcutta. The said writ petition was dismissed by the learned single judge of the High Court after this the matter was taken in the division bench of Calcutta High Court in 2014.

The division bench also dismissed the said appeal and directed the adjudicating authority to decide the preliminary objections raised by the rose valley.

On 06/07/2015 appellant filed a fresh Bail application u/s 439 of CRPC before the high court of Calcutta. The said application has been rejected by the High Court.

CONCLUSION:

High court at the time of refusing bail application duly considered the fact and further considered the statement of debentures and many other parts of rose valley for formation of opinion whether the appellant is involved in the offence of money laundering or not.

During the investigation the court found that the petitioner collect the money from open market for issuing secured debentures in the violation of guidelines of SEBI. As a result the court cannot grant him the bail, so the prayer of bail was rejected.

CASE LINK:  https://www.sci.gov.in/jonew/judis/43201.pdf

By

Vijay Pal Dalmia, Advocate
Supreme Court of India and High Court

Mobile: +91 9810081079

 

Email: vpdalmia@gmail.com

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