The Supreme Court on August 11 declined to release ₹440 crore from the Trinamool Congress’s (TMC) frozen bank accounts, upholding a previous Calcutta High Court order. The decision was made by a bench comprising Justices MM Sundresh and PB Varale, maintaining the status quo on the funds amid ongoing legal proceedings, according to livemint.com.
The matter was heard by the Supreme Court bench on the same day, which reviewed the petition filed by TMC seeking access to the frozen funds. The court’s refusal to grant relief means the ₹440 crore will remain inaccessible to the party for the time being. The Calcutta High Court had earlier ordered the freezing of these accounts, citing ongoing investigations, as reported by livemint.com.
This ruling is significant in the context of political funding and legal scrutiny of political parties in India. The frozen amount is substantial and its continued inaccessibility could impact TMC’s financial operations. The case highlights the judiciary’s role in overseeing financial transparency and accountability in political financing, a matter closely watched in Indian politics, according to livemint.com.
The Supreme Court’s decision to uphold the Calcutta High Court’s order ensures that the ₹440 crore in TMC’s accounts will remain frozen until further judicial review. The next legal steps will depend on any future petitions or appeals filed by the party or other stakeholders, as detailed by livemint.com.