Justice Nooty Ramamohana Rao of the Hyderabad High Court on Tuesday granted permission to Amway India Ltd to operate 50 per cent of the amount from its bank accounts in the state.
While admitting a writ petition filed by the company questioning an order of the superintendent of police, Kurnool, directing seizure of all bank accounts of the company, the judge granted the interim relief. The company contended that since the investigation against the company was handed over to the CB-CID, the superintendent of police had no power to issue the proceedings to seize its bank accounts.
CEO Willam S. Pinckney has still not been released from jail. No word on when that might happen.
The CEO has been booked under the Prize Chits and Money Circulation Schemes (Banning) Act besides charges of cheating as well as extortion under relevant sections of the Indian Penal Code (IPC), the police officer said.
This is the second time that Pinckney has been taken into custody, after the Kerala police arrested him as well as two Amway directors earlier, for alleged financial irregularities. Condemning the arrest of Pinckney, Ficci said the uncalled for action may hit Indo-US business ..
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