General Announcement under regulation 30, related to order of the Honourable High Court of Kerala in favour of the Company aganist its Writ application aganist the Directorate of Enforcement, Kerala.
Awaiting price reaction for this filing.
Atlas Jewellery India informs that the Kerala High Court has allowed its writ petition against the Directorate of Enforcement (DOE), Kerala, in a case related to its business assets being seized and bank accounts frozen under the Prevention of Money Laundering Act (PMLA), 2002. Earlier, the Special Judge (SPE/CBI)-III Kerala and the Appellate Tribunal for PMLA, New Delhi had quashed the DOE proceedings and set aside the provisional attachment order. After DOE failed to act on the company's release application filed on 23.05.2025, the company moved the Kerala High Court. The court, by order dated 14.07.2025, directed DOE to consider and dispose of the company's representation within 30 days.
This is a positive development for shareholders as it brings the company closer to getting its frozen bank accounts and seized business assets released. However, the actual release depends on DOE complying with the court's 30-day direction, so resolution is not yet final.