OWNPATH LEARNING PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) The petitioner is before this Court seeking a direction by issuance of a writ in the nature of mandamus directing the 2nd respondent / Kotak Mahindra Bank ('the Bank' for short) to de-freeze the account of the petitioner/company held with the Bank.

(2.) Heard Sri Siddharth Suman, learned counsel appearing for the petitioner and Smt. Shridevi Bhosale Maruti, learned counsel appearing for the 1st respondent.

(3.) Facts, in brief, are as follows: The petitioner is a company which is a registered startup under the DPIIT Startup India Initiative. It claims to be involved in helping professionals to up-skill themselves in software design and lay a path for better career opportunities to those professionals in the technological industry. The petitioner claims to be operating as a startup since December, 2020. It has two Directors on the Board, a team of 7 members work full time and claims to be running the show in accordance with the law. On 14/11/2022, a crime comes to be registered by the 1st respondent / Narcotics Control Bureau ('NCB' for short) against one of the Directors of the petitioner/company for offences punishable under Sec. 8(c) r/w Ss. 20(B)(ii)(A), 23(a), 27, 27A, 28 and 29 of the Narcotic Drugs and Psychotropic Substances Act, 1985 ('the Act' for short). On registration of the aforesaid crime against one of the Directors, the account of the petitioner/company appears to have been directed to be frozen. The petitioner wanted to operate the account and has come to understand that the account is debit frozen. After the company comes to know about debit freezing of the account, the petitioner files the subject petition seeking a direction to de-freeze the account of the petitioner.