New Delhi, Oct. 17 -- In a significant ruling, the Delhi High Court has set aside a lower court's order and reinstated the Enforcement Directorate's (ED) provisional attachment of assets worth approximately Rs. 227 crore in the coal block allocation case involving Prakash Industries Limited (PIL).
A division bench allowed the ED's appeal, finding that the earlier Single Judge order quashing the attachment was legally unsustainable. The court held that the allocation letter for the Chotia Coal Block, allegedly obtained by PIL through fraudulent misrepresentations, constitutes "property" under the Prevention of Money Laundering Act (PMLA).
The High Court emphasized that the illegal financial gains generated by utilizing this allocation-spec...