The Supreme Court on Friday directed to list a petition challenging the provisions of Companies Act 2013 after the verdict in the PMLA case.
A Bench headed by Justice A.M. Khanwilkar said, “List this after the PMLA Judgement is delivered. The verdict is almost ready.”
On February 24, Solicitor General Tushar Mehta had told the Supreme Court about the crimes that come under the ambit of the Prevention of Money Laundering Act.
The SG submitted his arguments on a batch of petitions challenging the provisions of the Prevention of Money Laundering Act before the Bench comprising Justice A.M. Khanwilkar and Justice Dinesh Maheshwari.
The SG said that criminal activity refers to all criminal acts that would constitute a predicate offence for money laundering in the country or minimum to those offences that would constitute a predicate offence.
Solicitor General, in the batch of plea against the PMLA said:
1.Designated category of offences means participation in an organised criminal group and racketeering, terrorism including terror financing, trafficking in human beings, sexual exploitation including sexual exploitation of children, illicit trafficking narcotic drugs and psychotropic substances, illicit arm trafficking, illicit trafficking in stolen another goods, corruption and bribery, fraud, counterfeiting currency, counterfeiting in privacy products, environmental crime.
2.Environmental crime, for example, criminal harvesting, extraction of trafficking of protected species of wild life, flora and fauna, precious metals and stones, and other natural resources – this would fall under environmental law.
3.Piracy is a copyright offence – as we used to hear Dawood gang invested heavily in pirated CDs and DVDs and thousands of crores were being laundered and only the predicate offence they would be booked under would be copyright, violation of copyright. – , insider trading, market manipulation.
4. Proceeds refer to any property derived from or obtained directly or indirectly through the commission of an offence and property means corporeal and incorporeal, he added.