The Supreme Court has asked DMK MP Jagathrakshakan to file his response to an additional petition moved by the Enforcement Directorate (ED) seeking to lift an interim stay in a case linked to the purchase of shares in foreign companies.
The ED has alleged that the MP bought foreign company shares without obtaining the required permission from the Reserve Bank of India. Based on this, the agency registered a case and issued summons. Jagathrakshakan challenged the action, following which the Supreme Court granted an interim stay on the ED’s proceedings.
When the matter came up before a bench led by Justice Vikram Nath, the ED’s counsel said an additional petition had been filed to vacate the interim stay, but sought time to re-file it after making certain technical corrections.
Counsel for Jagathrakshakan argued that 17 lakh shares were purchased and that the inquiry showed no money had been transferred abroad, contending that summons were unnecessary in the absence of any remittance.
After hearing both sides, the bench directed Jagathrakshakan to respond to the ED’s additional petition and asked both parties to submit written arguments. The case was adjourned for two weeks.
