ED plea in Supreme Court against release of Tech Mahindra’s Rs 822 crore in Satyam case

PUNE: The Enforcement Directorate has appealed to the Supreme Court against a decision by the Hyderabad High Court which in December 2018 set aside the ED’s move to provisionally attach Tech Mahindra’s fixed deposits worth Rs 822 crore in a case related to fraud at the erstwhile Satyam Computer Services. Tech MahindraNSE -0.17 % had acquired the beleaguered company in 2009.

PMLA Question
ED had argued before the High Court that the Rs 822 crore formed part of ill-gotten gains from the Rs 7,200 crore fraud.

The next hearing is on November 6, where the top court is expected to determine whether the Prevention of Money Laundering Act (PMLA) could override other regulations.

“The matter is currently subjudice and it is inappropriate for us to comment,” said a Tech Mahindra spokesperson.