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During the hearing, the Division Bench questioned whether KIIFB could raise all its objections before the adjudicating authority itself, noting that the proceedings had not yet culminated in a finding of violation.
The SIT had opposed the move, arguing that an ED probe would amount to a parallel investigation and could hamper efforts to identify additional accused.
Granting a three-month interim stay on all further proceedings, Justice V G Arun observed that the petitioners were entitled to the same relief earlier extended to KIIFB
KIIFB has countered that land acquisition for infrastructure projects cannot be equated with speculative real estate activity or commercial purchase of land.
The ED said it would appeal the order.
The Enforcement Directorate (ED) has approached the Vigilance Court seeking copies of FIRs and statements recorded by the Special Investigation Team (SIT) in the Sabarimala gold theft case to initiate a probe under the Prevention of Money Laundering Act (PMLA). The ED said the documents would be
He said that all KIIFB-funded infrastructure projects adhered strictly to Reserve Bank of India (RBI) norms.
The show-cause notices, issued on November 12 but received by the recipients only three days ago, do not require personal appearance.
He said KIIFB never purchased land through masala bond fund.
The Sessions Court earlier rejected his plea for pre-arrest bail.
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