HC stays proceedings against Pawan Munjal days after ED attached properties of Hero Moto CMD
Hero MotoCorp's Chairman and Managing Director Pawan Munjal, days after it attached properties in the ongoing money laundering investigation.
Mukul Rohatgi, the counsel had argued that ED’s case is based on a matter in which Munjal has been exonerated by the AA of the Customs.
The ED earlier this month alleged that Munjal used foreign currency issued in the name of others for his personal expenditure abroad to «override» RBI rules and attached his assets worth Rs 24.95 crore.
The Enforcement Directorate (ED) said its probe found «Pawan Kant Munjal got issued foreign exchange/foreign currency in the name of other persons and thereafter utilised the same for his personal expenditure abroad.»
It claimed that the foreign currency or foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter «handed over» to Munjal's relationship manager.
The ED had carried out raids against Munjal and his companies in August after filing a criminal case under the PMLA against him. After the August raids, the ED seized valuables worth Rs 25 crore from various accused.
The Delhi High Court, in an order issued on November 3, stayed proceedings of the DRI, on which the ED case is based.
