14 Dec 2017
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Supreme Court gives Marans a breather in Aircel–Maxis case, stays attachment by ED

MUMBAI: Sun TV Network owner Kalanithi Maran and his brother and former Telecom minister Dayanidhi Maran have got a breather from the Supreme Court in the money-laundering case in the Aircel–Maxis deal.

The apex court today stayed the attachment proceedings by the Enforcement Directorate (ED). Earlier in April, the ED had seized assets worth Rs 742.58 crore (Rs 7.43 billion) after an attachment order was issued under the provisions of the Prevention of Money Laundering Act (PMLA) against the Marans.

The assets seized include that of FDs of SDTPL worth Rs 31.34 crore (Rs 313.4 million), FDs of SAFL worth Rs 6.19 crore (Rs 61.9 million), mutual funds of SAFL worth Rs 15.14 crore (Rs 151.4 million), land and buildings under the name of Kal Comm worth Rs 171.55 crore (Rs 1.715 billion), free hold land and building owned by Sun Network TV worth Rs 266 crore (Rs 2.66 billion) and shares of SDTPL held by Kalanithi worth Rs 139 crore (Rs 1.39 billion).

Sun TV then moved the Madras High Court, which refused to hear the plea stating that the case was related to the 2G spectrum case.

Finally, Sun TV moved the Supreme Court, which put a stay on the attachment with a condition that the provisional attachment order issued by the ED would stay alive even if the 180-day period for confirming the attachment order is over.

Meanwhile, SC has referred the plea to the 2G bench led by Chief Justice HL Dattu, where the case is pending.

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