M3M India challenges ED’s action over land asset attachment

New Delhi: M3M India which is built upon an ethical corporate governance, transparency and commitment of excellence towards its customers is highly disappointed with the highly unwarranted, unjustified and uncalled for action by the Enforcement Directorate HIU-II to provisionally attach its land asset which is in no way connected with any offence and under no circumstances can be placed in the purview of proceeds of crime as understood under Prevention of Money Laundering Act, 2002.

Earlier, ED DLZO-II proceeded to attach some assets of the company in some PMLA case against Religare etc. which was challenged by the company in High Court of Punjab & Haryana and stay on the finality of the proceedings has been granted.

Apparently, ED HIU-II has resorted to attachment when ED DLZO-II was already seized of the subject matter. It is also disquieting to note that the huge investments by the company in the land in question where the residential/commercial project is likely to be set up has been ignored. The potential of the project which would generate employment for thousands of families has also been kept at bay. The action of ED therefore, in attaching the asset is neither warranted in law nor tenable in equity and justice.

The company would stand by its commitment to its customers and would not let any such unwanted, undesirable and unjustified action affect its business and/or its aforesaid commitment to its customers. The company reiterates that it has conducted its business in a most transparent and lawful manner within the rules and forms of law.