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SC upholds Madras HC ruling on no prosecution of CA under PMLA

SC upholds Madras HC ruling on no prosecution of CA under PMLA

by | Nov 14, 2025 | Business


The judgement significantly clarifies that professional actions carried out by CAs in compliance with statutory obligations do not automatically render them vulnerable to prosecution under PMLA, provided there is no evidence of active abetment or direct involvement in money laundering activities. 
| Photo Credit:
SUSHIL KUMAR VERMA

In a big relief to Chartered Accountants (CA), the Supreme Court has upheld a ruling by the Madras High Court stating that CAs can’t be prosecuted under the Prevention of Money Laundering Act (PMLA) for non-compliance by a client.

“There is no valid ground to interfere with the impugned order passed by the Madras High Court,” a division bench of Justices Surya Kant and Joymalya Bagchi said while disposing a miscellaneous application. The matter was related with the certification of Form 15CB by CA. The CA is required to certify nature of foreign remittance for TDS (Tax Deducted at Sources) deductibility purpose based on documents submitted by client without requiring him to go into the genuineness of documents submitted by client

In its ruling, Madras High Court had said: ”Even on a demurrer, on a perusal of Form 15CB, we find that a Chartered Accountant is required to only examine the nature of the remittance and nothing more. The Chartered Accountant is not required to go into the genuineness or otherwise of the documents submitted by his clients. Further this could be compared with the legal opinion that are normally given by panel lawyers of banks, after scrutinising title documents without going into their genuinity.”

A Panel Advocate, who has no means to go into the genuinity of title deeds and who gives an opinion based on such title deeds, cannot be prosecuted along with the principal offender. “Applying the same anomaly, we find that the prosecution of Murali Krishna Chakrala, in the facts and circumstances of the case at hand, cannot be sustained,” a bench of justices P N Prakash and G Chandrasekharan said in its order dated November 22, 2024.

According to Sandeep Sehgal, Partner-Tax at AKM Global, the Court had delivered a significant judgment in 2022 on the professional liability of Chartered CAs in cross-border transactions, clarifying that issuing Form 15CB under the Income-tax Act, 1961, does not by itself constitute abetment of money laundering under the Prevention of Money Laundering Act (PMLA).

Accordingly, the bench set aside an order by the Special Court for CBI cases at Chennai and discharged the petitioner CA from the prosecution. However, “we make it clear that, it is open to the prosecution to enlist Murali Krishna Chakrala as a prosecution witness, if they so desire,” it said.

The judgement significantly clarifies that professional actions carried out by CAs in compliance with statutory obligations do not automatically render them vulnerable to prosecution under PMLA, provided there is no evidence of active abetment or direct involvement in money laundering activities. Furthermore, the Hon’ble Supreme Court, upon hearing the Special Leave Petition (SLP) dated 10 November 2025, mentioned that there is no valid ground to interfere with said ruling.

“It offers CAs confidence to perform their certification duties without undue apprehension about judicial overreach or prosecution risk from investigative agencies. Importantly, it strikes a balance between enforcing anti-money-laundering regulations and protecting the professional independence and integrity of those performing statutory certifications,” he said.

Published on November 14, 2025



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PhysicsWallah के IPO के लिए आज अलॉट होंगे शेयर, अगर आपने भी लगाई है बोली तो ऐसे चेक करें स्टेटस

PhysicsWallah के IPO के लिए आज अलॉट होंगे शेयर, अगर आपने भी लगाई है बोली तो ऐसे चेक करें स्टेटस

by | Nov 14, 2025 | Business



PhysicsWallah IPO: एडटेक कंपनी फिजिक्सवाला (Physics Wallah IPO) में शेयरों का अलॉटमेंट आज शुक्रवार, 14 नवंबर को होने वाला है. कंपनी के शेयर मंगलवार, 18 नवंबर को BSE और नेशनल स्टॉक एक्सचेंज पर लिस्ट होंगे.  इससे एक दिन पहले यानी कि 17 नवंबर को बोली लगाने वालों के डीमैट अकाउंट में शेयर क्रेडिट करने का प्रॉसेस शुरू हो जाएगा.

IPO के लिए खूब लगी बोलियां

11 नवंबर को खुले 3480 करोड़ रुपये के इस आईपीओ (3100 करोड़ का फ्रेश इश्यू और 380 करोड़ रुपये का ऑफर फॉर सेल ) के लिए गुरुवार को बोली लगाने का आखिरी दिन था और इस दौरान यह पूरी तरह से सब्सक्राइब हो गया. BSE की डेटा के मुताबिक, आईपीओ में निवेशकों ने काफी दिलचस्पी दिखाई.

आईपीओ को 18,62,04,143 शेयरों के मुकाबले 33,62,27,044 शेयरों के लिए बोलियां लगीं, जिससे यह ओवरऑल 1.81 गुना सब्सक्राइब हुआ. क्वॉलिफाइड इंस्टीट्यूश्नल बायर्स (QIBs) 2.70 गुना ज्यादा बोली लगाकर सबसे आगे रहे. इसके बाद रिटेल इंडीविजुअल इंवेस्टर्स  (RIIs) के लिए 1.06 गुना हिस्सा बुक हुआ और नॉन-इंस्टीट्यूश्नल इंवेस्टर्स ने अपना कोटा  0.4 गुना से ज्यादा बुक किया. 

BSE पर कैसे चेक करें स्टेटस

  • सबसे पहले BSE की ऑफिशियल वेबसाइट https://www.bseindia.com/investors/appli_check.aspx पर जाएं. 

  • ‘Issue Type’ में ‘Equity’ सिलेक्ट करें. 

  • ‘Issue Name’ की ड्रॉपडाउन लिस्ट से ‘PhysicsWallah Limited’ को चुनें. 

  • अपना Application Number या PAN नंबर दर्ज करें.

  • कैप्चा को वेरिफाई करें और ‘Search’ पर क्लिक करें, आपको अपना अलॉटमेंट स्टेटस दिख जाएगा.

NSE पर कैसे चेक करें स्टेटस? 

  • सबसे पहले NSE के IPO एप्लीकेशन ट्रैकिंग पेज  https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
    पर जाएं.

  • वहां ‘Equity and SME IPO Bid Details’ पर क्लिक करें.

  • लिस्ट में से ‘PHYSICS’ को इश्यू सिंबल के तौर पर सिलेक्ट करें.

  • Application Number और PAN जैसी डिटेल्स भरें.

  • सबमिट करने पर आपको अलॉटमेंट स्टेटस स्क्रीन पर दिखेगा.

MUFG Intime पर कैसे चेक करेंगे स्टेटस?

  • सबसे पहले MUFG Intime की आधिकारिक वेबसाइट https://in.mpms.mufg.com/Initial_Offer/public-issues.html पर जाएं.

  • फिर ड्रॉपडाउन में कंपनी का नाम ‘PhysicsWallah Ltd’टाइप करें.

  • PAN, एप्लीकेशन नंबर, DP ID/Client ID या बैंक अकाउंट नंबर में से कोई एक जानकारी भरें.

  • आखिर में ‘Search’ बटन पर क्लिक कर अपना अलॉटमेंट स्टेटस जानें. 

कितना है GMP? 

PhysicsWallah के आईपीओ का GMP (ग्रे मार्केट प्रीमियम) शुक्रवार, 14 नवंबर को सुबह 8:00 बजे तक 0 रुपये था. इसका मतलब है कि फिजिक्सवाला लिमिटेड के अनलिस्टेड शेयर ग्रे मार्केट में स्थिर कारोबार कर रहे है. आईपीओ के लिए अब तक का सबसे हाई जीएमपी 5 रुपये दर्ज किया गया है. 

 

डिस्क्लेमर: (यहां मुहैया जानकारी सिर्फ़ सूचना हेतु दी जा रही है. यहां बताना जरूरी है कि मार्केट में निवेश बाजार जोखिमों के अधीन है. निवेशक के तौर पर पैसा लगाने से पहले हमेशा एक्सपर्ट से सलाह लें. ABPLive.com की तरफ से किसी को भी पैसा लगाने की यहां कभी भी सलाह नहीं दी जाती है.)

ये भी पढ़ें:

कैसे ED की रेडार पर आए JP ग्रुप के पूर्व चेयरमैन मनोज गौर, कारोबार से गिरफ्तारी तक… पूरी कहानी



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EV industry hopes dim as China links magnets supply to India easing FDI rules

EV industry hopes dim as China links magnets supply to India easing FDI rules

by | Nov 13, 2025 | Business


China processes over 90 per cent of the world’s rare earth magnets
| Photo Credit:
Steve Marcus

China is unlikely to ease restrictions on export of rare earth minerals and other auto parts till the Indian government reciprocates by dialing down curbs on the Chinese industry under Press Note 3. This stance was made clear to electric vehicle (EV) manufacturers at a meeting in the Chinese embassy during the Diwali period.

According to sources in the EV industry, the Chinese embassy officials were clear about reciprocity from India on allowing FDI from China if they expect easing of export controls on rare earth elements.

“Our industry delegation went to the Chinese Embassy primarily to ask for relaxation of import of magnets. The Chinese trade officials who met us first said ‘you have already solved the issue with replacing magnets and using ferrite motor. So why are you asking for relaxations’,” a manufacturer who attended the meeting told businessline.

In the same breath, the Chinese trade officials made it clear to them that unless some reciprocity is shown towards their domestic industry, which is facing investment troubles in India because of restrictions imposed through Press Note 3, the Indian industry cannot expect relief on the rare earth magnet front.

“He (Chinese embassy official) clearly told not to waste our time going to meet rare earth magnet suppliers in China because that will not help. He said this is an issue that our government has to resolve. He said ‘ask your MEA (Ministry of External Affairs) and DPIIT (Department for Promotion of Industry and Internal Trade) to resolve the issues from their end,” the industry source said.

A query sent to Chinese embassy in New Delhi remained unanswered till the time of press.

China processes over 90 per cent of the world’s rare earth magnets, which are widely used in parts like speedometers, electric motors, e-axles, engine ignition coild etc. Since April 4, this year, the Chinese government has imposed restrictions requiring special export licences for seven rare earth elements and related magnets. The auto industry has been trying various means, including visits to China to meet their suppliers. But so far, the issue remains unresolved.

The Indian importers were also required to give their Chinese suppliers an undertaking that the rare earth magnets procured from them would only be used in vehicles, and not for any defence or military applications. Such applications were also routed through multiple government departments in India, before being forwarded to the Chinese authorities, but even after such cumbersome processes, the restrictions are still prevailing.

The latest meeting with the Chinese authorities have dimmed the industry’s hopes even further.

“Indicating Press Note 3, the Chinese officials mentioned that several products of Chinese companies have not been approved in the last five years by the Bureau of Indian Standards (BIS). In such a situation, we were told it was not realistic for us to expect that a resolution of restrictions on rare earth magnets in just six months,” said another source privy to the meeting.

The industry delegation were told in clear terms that the reference was to Press Note 3 that restricts investments from neighbouring countries, especially China owing to national security.

Government amended the foreign direct investment policy vide Press Note 3(2020) on April 17, 2020 following tensions along the border which led to concerns about the strategic nature of Chinese investments in India. Although Press Note 3 makes no direct mention of China and only makes prior government approval mandatory for investments from countries that share a land border with India, the most affected are Chinse entities.

Published on November 13, 2025



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AP seals MoUs worth ₹3.65 lakh crore ahead of CII Summit

AP seals MoUs worth ₹3.65 lakh crore ahead of CII Summit

by | Nov 13, 2025 | Business


Andhra Pradesh Chief Minister N. Chandrababu Naidu signs MoUs with Taiwanese firms Allegiance Group and eJoule India JV for manufacturing projects during the CII Partnership Summit 2025, in Visakhapatnam on Thursday.
| Photo Credit:
ANI

Ahead of the two-day CII Partnership Summit 2025, the Andhra Pradesh government has sealed investments worth ₹3.65 lakh crore across various sectors through 35 memoranda of understanding (MoUs). These agreements are expected to create 1.26 lakh jobs. The energy sector gets the lion’s share of ₹2.65 lakh crore, which includes several green energy projects.

The State government is targeting to attract ₹10 lakh crore worth of investments during the two-day summit, beginning tomorrow at the sprawling Engineering College Grounds at Andhra University.

Major investments

The key investments include an investment of ₹60,000 crore by ReNew, ₹31,500 crore by the US-based conglomerate Carbonatic LLC, ₹30,000 crore by Hero Future Energies and ₹18,400 crore from two Taiwanese companies, Allegiance Group and Creative Sensor Inc.

Andhra Pradesh Chief Minister N. Chandrababu Naidu and IT and Industries Minister Nara Lokesh held a series of meetings with industry houses from India and abroad to finalise the deals.

NITI Aayog Chief Executive Officer B V R Subrahmanyam released the Visakha Economic Region Development Document at a conference.

Addressing the conference, Naidu stated that the State had attracted investments worth ₹20 lakh crore over the last 17 months.

The most significant investment was from decarbonisation solutions provider ReNew Energy Global Plc, which took the aggregate investment commitment to the State to ₹82,000 crore. Sumant Sinha, Founder-Chairman and& CEO, ReNew, said the company would establish an integrated clean energy value chain in the State. As part of the investments, they would set up a 6-GW PV ingot-wafer plant and a 2-GW pumped hydro project, among others.

Coromandel International, an agri input solutions provider from the Murugappa group, will set up a fertilizer manufacturing factory in Visakhapatnam with an investment of ₹2,000 crore. 

Arun Alagappan, Executive Chairman, and Sankarasubramanian S, Managing Director & CEO of Coromandel International, met with the Chief Minister to discuss the project.

Future Energies will set up power plants in Anantapur, Kadapa, and Kurnool districts with an investment of ₹15,000 crore.

Published on November 13, 2025



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Govt proposes Seeds Bill to curb sale of spurious seeds, seeks comments on draft

Govt proposes Seeds Bill to curb sale of spurious seeds, seeks comments on draft

by | Nov 13, 2025 | Business


The draft Bill proposes to decriminalise minor offences, thereby promoting ease of doing business and reducing compliance burden.
| Photo Credit:
MOHD ARIF

The Centre has shared the draft Seeds Bill seeking public comments within a month to take it forward in the forthcoming Parliament session. The draft Bill proposes major reforms, from the process of registration to ensure availability of genuine seeds to farmers and curb sales of spurious seeds by making it an offence with a penalty provision of ₹50,000-₹30 lakh.

Asking stakeholders to submit suggestions by December 11, the Agriculture Ministry on Thursday said that the proposed legislation is intended to replace the existing Seeds Act, 1966 and the Seeds (Control) Order, 1983.

“The draft Seeds Bill, 2025, seeks to regulate the quality of seeds and planting materials available in the market; ensure farmers’ access to high-quality seeds at affordable rates; curb the sale of spurious and poor-quality seeds; protect farmers from losses; liberalise seed imports to promote innovation and access to global varieties, and safeguard the rights of farmers, ensuring transparency and accountability in seed supply chains,” the Ministry said in a statement.

The draft Bill proposes to decriminalise minor offences, thereby promoting ease of doing business and reducing compliance burden, while maintaining strong provisions to penalise serious violations effectively, it said.

An industry expert termed the Bill as “friendly” and growth oriented, since seed companies will not be unnecessarily dragged into court cases by farmers with vested interests. “No court shall take cognisance of any offence punishable under this Act, except upon a complaint filed by Seed Inspector appointed under Section 31,” the Bill stated.

“The Central government, State government or the Union Territory administration, as the case may be, for the purposes of determining the penalties under section 34, may by notification, authorise any officer, having jurisdiction, to be the adjudicating officer to hold an inquiry and impose penalty, in the manner as may be prescribed, after giving any person concerned a reasonable opportunity of being heard,” it proposed.

Penalty explained

Section 34 (1) of the Bill provides for serving “a written notice for rectification or improvement” for the first offence in “trivial” matters, and for every subsequent offence within three years, a penalty of ₹50,000. For “minor” offences, the Bill proposes ₹1 lakh penalty, and ₹2 lakh penalty penalty for subsequent offences within 3 years.

For a major offence, the Bill proposes ₹10 lakh penalty and a fine of ₹20 lakh for subsequent offences if committed within 5 years. Any subsequent major offence after being fined ₹20 lakh will attract a penalty of ₹30 lakh and cancellation of dealership licence or three years imprisonment.

The Bill has defined trivial offences as failing to maintain business records, non-display of registration certificate, non-affixing label on the seed packet, failure in fixing QR code-related issues, continuing seed business one year or more after expiry of registration, and selling seeds in non-recommended area. “Minor” offences are misbranding, sale of sub-standard seeds, selling at rates higher than what is set by the government and failure to upload details on SATHI portal.

Spurious seeds

Companies/firms that “supply” any spurious seeds may be tried under major offence category, which leave out onus of retailers who sell those seeds, an expert said. Suppliers of non-registered seed varieties and those in the business without dealer or distributor or producer registration are also to be considered as major offences.

‘Spurious seed’ has been defined as “any seed which is not true to type or traits or does not meet minimum limit of genetic purity.”

As the Agriculture Ministry has been speaking about fake and spurious seeds for quite sometime, there was apprehension about some stringent penalty. However, the current Bill has not proposed any draconian provision. “There is no word called fake seed in the draft and any synthetic material if passed on as seeds to cheat farmers may escape the ambit of the proposed law,” said the expert.

On the registration process, which is currently dominated by ICAR, it is to be seen how the government makes changes, if any. The formation of the Central Seed Committee, currently headed by the union agriculture secretary, has been retained in the Bill, it has only been mentioned that a sub-committee (to be called the Registration Sub-Committee) will recommend varieties of seeds for registration after scrutinising their claims as made in the application.

Further, the Registration Sub-Committee may appoint another sub-committee on Seed Certification or more such sub-committees.

Currently, in the three-tire structure, the applications are first screened by the Variety Identification Committee (VIC), which sends them to the Central Sub-Committee on Crop Standards, Notification & Release of Varieties (CSN&RV). Currently, the CSN&RV is chaired by the deputy director general concerned of ICAR depending on whether an application is for field crop or any horticulture seed.

“While ICAR may be asked for technical advice at the bottom of the pyramid, the proposed Registration Sub-Committee should be headed by the concerned joint or additional secretary in the ministry since private companies are also applicants and their varieties clash with those developed by ICAR institutes,” suggested a private seed company official requesting anonymity.

Published on November 13, 2025



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