Aircel-Maxis case - Supreme Court of India(SCI) Stays ED Proceedings to attach Sun TV Assets Friday Aug 21,2015

The Supreme Court of India(SCI)on Friday Aug 21,2015 stayed the Enforcement Directorate’s attachment proceedings before the Adjudicating Authority under the money laundering law against Sun TV assets in connection with the Aircel-Maxis case.

A Bench led by Chief Justice of India H.L. Dattu, however, said the provisional attachment order issued by the ED would stay alive even if the 180-day period for confirming the attachment order was over.

The ED had ordered provisional attachment of assets of Sun TV worth Rs.742 crore allegedly linked to the Aircel-Maxis deal. The attachment order was under the Prevention of Money Laundering Act. The Sun TV, represented by senior advocate Abhishek Manu Singhvi and Sumesh Dhawan, had earlier approached the Supreme Court against a Madras High Court order refusing to hear their plea against the provisional attachment on the grounds that the case was linked to the 2G spectrum scam.

The Maran brothers approached the Supreme Court on Friday to pre-empt any adversary order against them on the basis a provisional assets attachment order issued under PMLA by the Enforcement Directorate in the Aircel-Maxis case. An adjudicatory body will hear the brothers — Sun group chief Kalanithi Maran and former Union Minister Dayanidhi Maran — later in the day.

 

The ED had on April 1, 2015 attached assets estimated at Rs. 742.58 crore held by the former Telecom Minister, Mr. Kalanithi Maran and his wife Kaveri Kalanithi in the Aircel-Maxis deal case

The ED is conducting an investigation under the Prevention of Money Laundering Act, based on Central Bureau of Investigation findings that Mr. Dayanidhi Maran had allegedly received illegal gratification for the said sum from Maxis. Immovable assets estimated at Rs. 266 crore owned by Sun Network; property valued at Rs. 171.55 crore owned by Kal Comm.; Sun Direct TV (SDTPL) shares amounting to Rs. 139 crore held by Mr. Kalanithi Maran; and Rs. 100 crore in fixed deposits and Rs. 2.78 crore in mutual fund investments by him were attached