Highlights
ED on July 26 informed that it has attached assets worth over Rs 7 crore of a Delhi-based company.
The money-laundering investigation was done in connection with a case of alleged diversion of duty-free imported gold.
New Delhi: The Enforcement Directorate (ED) on Monday (July 26, 2021) informed that it has attached assets worth over Rs 7 crore of a Delhi-based company in connection with a case of alleged diversion of duty-free imported gold.
The Directorate of Enforcement stated that it has provisionally attached movable assets in the form of seized cash, gold jewellery and silver worth Rs 7.47 crore of Shri Lal Mahal Ltd under the Prevention of Money Laundering Act, 2002 (PMLA).
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India is one of the few jurisdictions to statutorily define public policy through the Arbitration and Conciliation Amendment Act, 2015. Within the definition of public policy, India has statutorily included the grounds of fraud, corruption, fundamental policy of Indian law and basic notions of justice and morality.
The aforesaid statement
[1] depicts the elusive nature of ‘public policy’ in legal proceedings that draw upon its presence in statute, conventions and legal systems. The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 (“
New York Convention”) is a critical international convention that gives room for public policy considerations while assessing enforcement of a foreign arbitral award (foreign award). Article V(2)(b) of the New York Convention states:
“(V)(2) Recognition and enforcement of an arbitral award may also be refused if the competent authority in the country where recognition and enforcement is sought finds that:
(a) The subject matter of the difference is not capable of settlement by arbitration under the law of that country; or
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