NEW DELHI: The Supreme Court has granted M3M Group’s request to substitute a property initially attached by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002.
A bench consisting of Justices P S Narasimha and R Mahadevan ruled that the property substitution is contingent upon nine conditions recommended by the ED.
The bench stated, “We have heard Dr. Abhishek Manu Singhvi, senior counsel for the petitioner, and have considered the matter thoroughly. The petitioners, M/s. M3M India Pvt. Ltd. and M/s. M3M India Infrastructure Pvt. Ltd., have submitted an affidavit agreeing to the stipulations. While we permit the property substitution, it will be subject to these conditions.”
This ruling follows M3M Group’s challenge to the Punjab & Haryana High Court’s decision that denied their request for property substitution.
Among the conditions outlined by the ED is that M3M Group must demonstrate clear and marketable title, as well as undisputed ownership of the substituted assets, supported by verifiable documentation to the court’s satisfaction.
The ED specified that the replaced assets must be free from encumbrances—such as mortgages, liens, pledges, or third-party claims—and a certificate to this effect must be presented by the petitioner. Moreover, a notarized commitment is required stating that the substituted property will not be sold, transferred, or otherwise disposed of during the ongoing proceedings.
