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Amway asked to deposit Rs 50 lakh with court
Highlights
Amway Asked to Deposit Rs 50 Lakh With Court. A two-judge bench of the High Court at Hyderabad comprising Chief Justice Kalyan Jyoti Sengupta and Justice PV Sanjay Kumar on Wednesday directed Amway India Enterprises Private Limited to deposit Rs 50 lakh with the Registrar (Judicial) of the High Court as security and operate its bank account.
Hyderabad: A two-judge bench of the High Court at Hyderabad comprising Chief Justice Kalyan Jyoti Sengupta and Justice PV Sanjay Kumar on Wednesday directed Amway India Enterprises Private Limited to deposit Rs 50 lakh with the Registrar (Judicial) of the High Court as security and operate its bank account.
The bench was dealing with two writ appeals filed by the company against certain conditions imposed by a single judge to operate the bank account. To the uninitiated, the CID had issued proceedings in May to State Bank of India, Mumbai Branch to freeze the accounts of the company. The bench, however, made clear to the company that it shall not lineate its immovable properties and also not to create any third party interests.
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