OPTO CIRCUIT INDIA LIMITED Vs. AXIS BANK

JUDGEMENT

(1.) Leave granted.

(2.) The appellant is before this Court assailing the order dated 13.08.2020 passed by the High Court of Karnataka in WP No.8031 of 2020. Through the said common order the High Court has disposed of two writ petitions but the consideration herein relates to the issue raised in Writ Petition No. 8031 of 2020 which was filed before the High Court, by the appellant herein raising the issue relating to the freezing of their bank account.

(3.) When the Special Leave Petition was listed for admission, the learned senior counsel for the appellant while assailing the order passed by the High Court, inter alia contended that the freezing of the bank accounts maintained by the appellant company has prejudiced the appellant, inasmuch as, the amount in the account which belongs to the appellant is made unavailable to them due to which statutory payments to be made to the Competent Authorities under various enactments is withheld and the payment of salary which is due to the employees is also prevented. In that background, this Court though had not found any reason to interfere with the initiation of the proceedings under the Prevention of Money-Laundering Act, 2002 ('PMLA' for short) had, however, limited the scope of consideration in this appeal on the issue of defreezing the bank account so as to enable the appellant to make the statutory payments. In that view, notice had been issued to the respondent through the order dated 11.09.2020 in the following manner - "issue notice restricted to the purpose of enabling necessary payment returnable within two weeks". The respondent on being served, having appeared has filed the counter affidavit on behalf of respondent No.4.