Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The RBI has updated its guidance related to the implementation of Section 51A of the UAPA, 1967, concerning sanctions linked to Al-Qaida and ISIL. This amendment will impact financial institutions in their compliance efforts regarding anti-terrorism financing.
The Madras High Court ruled that confidential Look Out Circulars (LOCs) must be disclosed to affected individuals, reinforcing their constitutional rights. This decision emphasizes the need for transparency and compliance in legal procedures involving LOCs.
The Reserve Bank of India has issued a circular regarding updates to the UN Security Council’s sanctions list on the Taliban, in accordance with the Unlawful Activities (Prevention) Act, 1967.
The RBI issued a circular updating compliance measures for banks concerning recent sanctions listed under the UNSC's 1267/1989 ISIL (Da'esh) and Al-Qaida sanctions. This includes the implementation of Section 51A of the UAPA, 1967.
A CBI Court has convicted a bank manager and several borrowers for their involvement in a ₹2.82 crore cheating case related to CGTMSE loans. The decision highlights ongoing enforcement against financial fraud.
The Bombay High Court has quashed the Enforcement Directorate's freeze on ₹100 crore worth of assets belonging to Coda Payments, ruling that the ED did not comply with the mandatory provisions of the Prevention of Money Laundering Act.
The SAFEMA Tribunal has lifted the PMLA attachment on ₹161.22 crore after determining that no predicate offence existed to justify the attachment.
A CBI Court has convicted a bank manager and multiple borrowers for conspiracy and cheating in a ₹2.82 crore loan fraud case, with forgery charges being dismissed.
A CBI Court has convicted a bank manager and two borrowers for their involvement in a ₹2.82 crore loan fraud under the CGTMSE scheme, establishing conspiracy and cheating. However, the court found the charges of forgery under the IPC to be unsubstantiated.
The Jammu & Kashmir and Ladakh High Court has ruled that offences under Section 5(1)(d) of the J&K PC Act are considered scheduled offences under the PMLA, supporting the Enforcement Directorate's jurisdiction to investigate such offenses.
The SAFEMA Tribunal has set aside a PMLA attachment worth ₹161.22 Crore after determining that the underlying scheduled offences were quashed or judicially interfered with. This ruling highlights the necessity of a predicate offence for imposing PMLA attachments.
The Karnataka High Court has ruled an arrest illegal and imposed a significant cost on the state police, highlighting their accountability and setting a precedent against unlawful arrests.