#icici bank

[seemabhatnagar]

Freezing of bank account for unconnected entities is legally untenable.

M/s Jermyn Capital LLC Dubai v. Central Bureau of Investigation

Fact:

M/s Jermyn Capital LLC Dubai (#Appellant Company) was Permitted by Securities Exchange Board of India (#SEBI) to buy & sell share & securities in the #Indian Stock Market.

The appellant company had its shares in its account with #ICICI Bank.

However, due to certain litigation the appellant company quit the trading in the Indian Market in 2006.

But appellant company was subjected to 02 #freeze orders under section 102 #Cr PC. (This section empowers police officers to seize any property which gives suspicion for commission of any offence.)

The freeze order for an amount of Rs.42.51 crore was initiated because of the #pending #investigation against Dharmesh Doshi

Against the freeze order the appellant company approached the Apex Court & the #ApexCourt allowed the appellant Company to sell its shares & convert into cash and repatriate the funds with interest but without bank guarantee.

Rs. 42.51 Crore was repatriated.

Issue arose when appellant company was incapacitated by second freeze order for an amount of Rs. 38.52 crores to repatriate.

Aggrieved by the freeze the appellant company again approached the Apex Court.

 The Apex Court gave liberty to the appellant company to approach trial court for release of the said amount.

 The trial court allowed the repatriation of Rs.38.52 Crores subject to the #Bank Guarantee of an equivalent amount.

Aggrieved by the imposition of Bank Guarantee Clause the appellant Company approached High Court.

High Court confirmed the decision of Trial Court.

Against the order of the High Court present Criminal Appeal is filed before Apex Court.

Observation of the Apex Court:

 Imposition of Bank Guarantee clause as due to pending investigation against Dharmesh Doshi, alleged to have been connected with the appellant company.

Record shows that Dharmesh Doshi has been discharged by the trial court, was never an employee/shareholder/director or holding key managerial position in the appellant company.

Dharmesh Doshi & Appellant Company are 02 separate entities.

Freezing order as such not legally tenable when two entities are unconnected.

Neither in the FIR nor in the chargesheet filed against the Dharmesh Doshi, appellant company was named.

Further during hearing CBI informed the Apex Court that no criminal proceedings is pending against the appellant company pertaining the dispute discussed here.

The freeze order against the appellant company’s properties is redundant as the appellant company is not necessary for the conclusion of the investigation.

The purpose of the freeze order, and the bank guarantee in extension of the freeze order, can only be in operation to aid in the investigation against the alleged crime.

Since the investigation against the appellant company has become redundant as such freeze order has also become redundant.

 The operation of the freeze order has been active for a period of 17 years and has caused huge losses to the appellant company.

Decision:

The Division Bench of Hon’ble Mr. Justice Krishna Murari J & Hon’ble Sanjay Kumar J vide their order dt.09.05.2023 set aside the order of the High Court and permitted the appellant company to withdraw the said amount with 4% simple interest from May08, 2006.

Seema Bhatnagar

[eduprizminfotechpatna]

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[josephm09world]

Empowering Business Growth: ICICI Bank Canada Commercial Loans

Fuel your business ambitions with ICICI Bank Canada's tailored commercial banking solutions. From short-term financial assistance to secured operating loans, and strategic Term Loans, we are your partner in driving success. Choose financial support that aligns with your business goals

[yogeshsalvi]

NRE Fixed Deposit - Explore ICICI Bank's Non-Resident External Fixed Deposit Account for NRI Services

NRE Recurring Deposit Account - The NRE RD account stands out as an excellent option for NRIs seeking substantial savings through modest monthly investments. Easily transfer funds from your NRE Savings Account to capitalize on this opportunity.

[dailyglobalupdates]

Broker’s call: Axis Bank (Buy)

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[thenexustimes]

ICICI बैंक के Q2 परिणाम मजबूत हैं, लेकिन मार्जिन की चुनौती अब भी बनी हुई है; क्या आपको स्टॉक खरीदना चाहिए या बेचना चाहिए?

ICICI बैंक के Q2 परिणाम मजबूत हैं, लेकिन मार्जिन की चुनौती अब भी बनी हुई है; क्या आपको स्टॉक खरीदना चाहिए या बेचना चाहिए?23 अक्टूबर को ICICI बैंक के स्टॉक में 1 प्रतिशत की वृद्धि हुई और हर हिस्सेदार के लिए 944 रुपये प्रति शेयर तक पहुँच गए, जब लेंडर के स्वतंत्र लाभ और जुलाई-सितंबर तिमाहि (Q2FY24) में नेट ब्याज आय की वृद्धि सड़क के अनुमानों को पार कर गई। विश्लेषकों का बड़ा हिस्सा उम्मीदवार के…

[arenafincorp]

Unlock Financial Freedom with ICICI Personal Loans from Arena Fincorp

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[kaberic]

How a bank closes your account without informing you.

Whoever is the highest authority, please feel free to connect with me here.

Read my story and let me know if it is legal for the bank to close my account without getting a hold of me for an explanation. My husband’s childhood friend in India has cancer, and he is in remission. He has undergone surgery, and is now on immunotherapy, for which each injection costs him approx. CAD 5000 each. He has run out of money, as you may know that India doesn’t have a public health…

[newspatron]

Indian Stock Market Updates for November 2023

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[akshittyagiblogs]

Elevate Your Lifestyle with ICICI Bank Emeralde Credit Card

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[tradingprediction]

Large Cap Stocks under 1000rs

[rkassociatesvaluers]

'𝐕𝐢𝐝𝐚𝐫𝐛𝐡𝐚 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬' nears resolution. 𝐋𝐞𝐧𝐝𝐞𝐫𝐬 𝐏𝐢𝐜𝐤 𝐂𝐅𝐌 𝐚𝐬 𝐀𝐧𝐜𝐡𝐨𝐫 𝐁𝐢𝐝𝐝𝐞𝐫𝐬'.

Valuation of this Power Plant was previously conducted by 𝐑.𝐊 𝐀𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐞𝐬 𝐨𝐧 𝐛𝐞𝐡𝐚𝐥𝐟 𝐨𝐟 𝐋𝐞𝐧𝐝𝐞𝐫𝐬. 

𝐕𝐢𝐝𝐚𝐫𝐛𝐡𝐚 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐏𝐨𝐰𝐞𝐫 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 which is a Coal-fired sub-critical thermal power plant primarily comprising of 𝟐 𝐮𝐧𝐢𝐭𝐬 𝐨𝐟 𝟑𝟎𝟎 𝐌𝐖 each situated at Butibori, MIDC Industrial Area, Nagpur District of Maharashtra, India. The plant was having 100% PPA with the electricity distribution business of R-Infra. Later Adani Electricity Mumbai Ltd. after the acquisition of the R-infra Power distribution business terminated the PPA. This has deteriorated the company's financial position.

 The Loans of 𝐕𝐢𝐝𝐚𝐫𝐛𝐡𝐚 𝐏𝐨𝐰𝐞𝐫 were a distressed asset for the lenders. We are delighted that the lenders have picked CFM ARC as Anchor Bidder for the Calls for counteroffers in the Swiss Auction to conclude the deal of the troubled Vidarbha Power’s Loans.

More Info:

Website: https://www.rkassociates.org/

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