HC stays ED attachment on shares belonging to Karvy chairman's son

Hyderabad: In a relief to Adhiraj Parthasarathy, son of Karvy Group chairman C. Parthasarathy, the Telangana High Court suspended the Enforcement Directorate's orders dated October 23 attaching shares worth Rs 134 crores belonging to KFin Technologies Ltd, which belongs to the petitioner.

The ED had attached the assets under the provision of Prevention of Money Laundering Act (PMLA) in relation to the alleged scam related to the Karvy Group.

Challenging the orders, Adhiraj approached the Telangana High Court and submitted that despite disclosing how the shares were allotted to him the ED had illegitimately attached them.

After perusing the records and facts, the High Court stayed the attachment orders until further orders, since the attachment was wholly without jurisdiction as ED attached non-existing assets.

( Source : Deccan Chronicle. )
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