In Brief
A foreign investment company sought to withdraw Rs. 38.52 crores in funds that had been frozen since 2010 under a criminal investigation into an unrelated individual. The lower courts allowed withdrawal but imposed a bank guarantee as security. The Supreme Court held that since the company was never implicated in the underlying crime and the investigated individual had been discharged, the 17-year freeze and the bank guarantee requirement were no longer justified. The Court allowed the appeal, permitting full withdrawal with interest at 4% per annum from May 8, 2006, without requiring any bank guarantee.
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