New Delhi, February 21: The Supreme Court today lifted a stay on proceedings of Enforcement Directorate in a FEMA case against the promoters and Directors of Uttar-Pradesh based manufacturer of two wheelers LML Ltd.
The apex court set aside the interim order passed by a Division Bench of the Allahabad High court. On June 6, 2010, it had restrained ED, till further order, from carrying out investigations against LML Chairman and Managing Director Sanjay Singhania and the company.
A Bench comprising Justices M K Sharma and A R Dave also asked the High court to hear the matter afresh and decide within six weeks the petition filed by Singhania, challenging the cases booked under FEMA (Foreign Exchange Management Act).
-Agencies