The ruling marks a decisive shift in enforcement jurisprudence — striking a balance between the State’s interest in securing alleged proceeds of crime and the fundamental right of legitimate enterprises to pursue economic activity.

The Hon’ble Court, in doing so, also reaffirmed its position taken in Revati Cements and Anr v. Union of India, where substitution of attached property with fixed deposits was permitted. In extending this rationale to immovable property, the Court has ensured that valuable economic assets are not indefinitely frozen, particularly in sectors like real estate where delays can have significant downstream effects.

M3M’s application sought to substitute the provisionally attached land with an alternate parcel of equal or greater value, to enable development activity to proceed — while maintaining complete compliance with the PMLA’s safeguards.

Legal experts have hailed the ruling as a landmark in the evolution of the statute’s interpretation.

Mr. Parimal Tripathi, Senior Advocate and Head of Sutradhar Associates, stated:

“This is a progressive order and will positively influence other ongoing matters of a similar nature. Notably, the substitution mechanism does not dilute enforcement power under PMLA. Rather, it strengthens procedural fairness and reflects a maturing jurisprudence that understands the real-world implications of criminal law on business continuity.”

Mr. Rohit Sinha, a leading voice in white-collar litigation, added:

“This judgment repositions the enforcement narrative. Not all enforcement action must paralyze business. Companies like M3M have demonstrated that it’s possible to offer win-win solutions — upholding the law while enabling economic development.”

⸻

A Judicious Balance Between Enforcement and Economic Interest

The Supreme Court’s order signals a broader judicial principle: that law enforcement must not become a roadblock to national economic activity, particularly when alternate remedies — like value substitution — are available. The decision prevents indefinite stagnation of valuable assets, allowing the previously attached land parcel to return to the stream of development, generating employment, civic infrastructure, and investor confidence.

⸻

The Second Landmark for M3M: Building on Pankaj Bansal v. Union of India

This relief follows the earlier Pankaj Bansal v. Union of India judgment, in which the Supreme Court laid down strong procedural safeguards for arrest under the PMLA. With both decisions now forming a critical judicial arc, M3M has emerged at the forefront of a new, rights-conscious interpretation of the PMLA — one that balances compliance with economic necessity.

⸻

A Boost for Real Estate, A Path Forward for Developers

The implications of this judgment go far beyond M3M. For the real estate industry — often subjected to sweeping enforcement actions — the order reaffirms that law-abiding developers cannot be indefinitely paralysed through provisional attachments. The judgment encourages a more pragmatic enforcement environment, empowering developers to propose structured solutions that protect public interest without stalling economic progress.

⸻

The Supreme Court’s ruling in the M3M matter is thus more than case-specific relief. It is a precedent-setting evolution in Indian regulatory jurisprudence, one that will help chart the future course of PMLA enforcement and legal strategy across sectors.

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The bench clarified that CIL, being a government company, falls within the definition of “person” and is therefore considered an “enterprise” under Section 2(h) of the Competition Act. The Act also explicitly includes “government departments” in the definition of enterprise. The only activities excluded from this definition are those related to the sovereign functions of the government, which CIL acknowledged it is not performing.

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The apex court issued the order a day after it asked the Centre whether the pending sedition cases can be kept in abeyance. The Centre on Wednesday informed the Supreme Court that staying provision of the sedition law may not be a correct approach. Instead, the Centre can ask the states that only a police officer of the rank of SP or above must record in writing the reasons and compliance with the SC judgment in the Vinod Dua case before a fresh sedition case is to be lodged. There has to be a responsible officer for scrutiny and his satisfaction is subject to judicial review, solicitor general Tushar Mehta said.

No new FIRs will be filed for sedition and all pending cases will be on hold while the government reconsiders the law, the Supreme Court said, referring to petitions that challenged the law alleging its misuse in cases like in Maharashtra, where it was invoked over the chanting of the Hanuman Chalisa.

“It is clear that Centre agrees that the rigours of (sedition) are not in tune with the current situation. It will be appropriate not to use this provision of law till further re-examination is over. We hope and expect that centre and state will desist from registering any FIR under 124 A (sedition law) or initiate proceeding under the same till re-examination is over,” said Chief Justice NV Ramana.

If any fresh cases are filed, those charged can approach the court. “The Union of India is at liberty to pass directives to states to prevent misuse of the law,” the Chief Justice added.

In a sharp reaction, Union Law Minister Kiren Rijiju said: “We respect each other, the court should respect government, legislature and the government should also respect the court. We have clear demarcation of boundary and that Lakshman Rekha should not be crossed by anybody.”

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Delhi Police had told the top court that “no specific words against any community were uttered” at an event organised here by the ‘Hindu Yuva Vahini’ on December 19 last year.

“The affidavit has been filed by the Deputy Commissioner of Police. We hope he has understood the nuances. Has he merely reproduced the inquiry report or applied mind? Is it your stand as well or the reproduction of inquiry report of sub-inspector level officer?” a bench of Justices A M Khanwilkar and Abhay S Oka asked.

The bench questioned can such a stand be taken on an affidavit before the court and wanted to know who verified the affidavit and if Delhi Police was accepting it as a correct finding.

Additional Solicitor General (ASG) K M Nataraj, appearing for the Delhi Police, said they will have a “re-look” of the matter and file a fresh affidavit.

“The ASG seeks time to get instructions from authorities to file a better affidavit… Two weeks time prayed for. List this matter on May 9. Better affidavit be filed on or before May 4,” the bench said.

The top court was hearing a petition filed by journalist Qurban Ali and former Patna High Court judge and senior advocate Anjana Prakash, who has also sought a direction for an “independent, credible and impartial investigation” by an SIT into incidents of hate speeches against the Muslim community.

As the hearing commenced, senior advocate Kapil Sibal, appearing for the petitioners, drew the attention of the bench towards extracts of the speech and the enquiry report of the Sub Inspector (PS Okhla Industrial Area).

The counter affidavit of the Delhi Police says an inquiry has been conducted and that the persons had gathered to ‘save ethics of their community .

In the speech in question, they say, ‘We are ready to kill’! And the Delhi Police say it is to ‘save the ethics of the community? Your Lordships may fix it for hearing and decide what constitutionally ethics are ” Sibal said.

The bench then asked the law officer if any senior officer has verified the affidavit.

“Some superior officer has seen it? Who has verified it? Has there been an application of mind as to if this stand can be taken on affidavit before the court? This affidavit is filed by the deputy commissioner of police? He accepts this position?

“Is this his understanding or only a reproduction of IO’s report? We want to understand from you the affidavit filed before this court by the deputy commissioner of police, a senior officer, the bench said.

The apex court asked the ASG if Delhi Police was accepting it as a correct finding?

This is the reproduction of the inquiry report prepared by a sub-inspector level officer or is it your stand? If it is so, then we have to ask the Commissioner of Police to look into it if this is your stand also?” the bench said.

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As we celebrate the sixth anniversary of Stand Up India Scheme, let us take a look at how this scheme has fulfilled the aspirations entrepreneurs, particularly women and Scheduled Castes (SCs), Scheduled Tribes (STs) and also sift through the achievements, salient features and enhancement to the scheme over the years.

Recognizing the challenges faced by Aspiring SC, ST and women entrepreneurs, Stand up India Scheme was launched on 5th April 2016 to promote entrepreneurship at grassroot level focusing on economic empowerment and job creation. In 2019-20, the Stand Up India scheme was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25.

On the occasion, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said, “As we commemorate the sixth anniversary of the Stand-Up India Scheme, it is heartening to see that more than 1.33 lakh new job-creators and entrepreneurs have so far been facilitated under this Scheme.”

Smt. Sitharaman further said, “More than 1 lakh women promoters have benefitted from this Scheme during its six years of operation. The Government understands the potential these rising entrepreneurs have in driving economic growth through their roles as not just wealth-creators but also job-creators.”

“As more and more beneficiaries from the underserved segments of entrepreneurs are targeted for coverage, we would make significant strides towards building an Atmanirbhar Bharat,” the Finance Minister added.

As India is growing rapidly, hopes, aspirations and expectations of a large group of potential entrepreneurs, particularly women and Scheduled Castes (SCs), Scheduled Tribes (STs), are rising. They want to set up an enterprise of their own to allow themselves to thrive and grow. Such entrepreneurs are spread across country and are bubbling with ideas on what they can do for themselves and their families. The scheme envisages to facilitate the dreams of aspiring SC, ST and women entrepreneurs to reality by supporting their energy and enthusiasm and removing many hurdles from their path.

As we celebrate the sixth anniversary of Stand Up India Scheme, let us take a look at the features and achievement of this Scheme.

The objective of Stand-Up India is to promote entrepreneurship amongst women, Scheduled Castes (SC) & Scheduled Tribes (ST) categories, to help them in starting a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture.

The purpose of Stand-Up India is to:

promote entrepreneurship amongst women, SC & ST category;
provide loans for greenfield enterprises in manufacturing, services or the trading sector and activities allied to agriculture;
facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks.

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Supreme Court while staying the implementation of the Farm Laws has formed a 4 member committee (as reported by Bar and Bench). many question has been raised on these members.

So, lets see who these four members are:

1. Bhupinder Singh Mann:
– He is the National President of the Bharatiya Kisan Union.
– He was also a former Rajya Sabha MP from Punjab.
– He has been backing the farm laws while demanding certain amendments in them.
– On 1st September, he wrote to Modi saying he was “Thrilled and Happy” when he first heard of the new farm laws. (as reported by The Print)

2. Dr. Pramod Kumar Joshi:
– He is an “Agricultural Economist”.
– He has written several blogs in favor of the Finance Ministry’s “Farmer Friendly” budgets since 2014
– He has been trumpeting about how Modi will be doubling income of farmers by 2020.

3. Ashok Gulati:
– He is an “Agricultural Economist”.
– On 1st Oct 2020 Gulati had written in the Indian Express how the new farm bills are a step in the right direction.
– On 18th May 2020 he had written how the proposed reforms in farm laws are addressing a longstanding need of the farmers.
– On May 16th, IANS had reported that he was being contemplated by Modi as a pick for the Union Agriculture Ministry.

4. Anil Ghanawat:
– He is the President of Shetkari Sanghatana
– He had led the agitation in FAVOR of GM crops.
– On 30th Sept 2020, Ghanawat had led a show of support for the Center’s Farm Bills
– On 8th Dec 2020, Ghanawat had tried to form a pro-farm laws lobby in Maharashtra
– On 21st Dec 2020, Anil Ghanawat had declared that the Center should not withdraw the farm laws

With these 4 people as the only members of the committee formed to scrutinize and mediate between the farmers and the Central Govt by the SC, you dont need  to tell you what exactly is in the minds of the SC while forming this committee.

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“We make it clear that we recognize the fundamental right to protest against a law. There is no question of balancing or curtailing it. But it should not damage anyone’s life or property,” said Chief Justice SA Bobde.

Justice Bobde, who said yesterday that the matter must be handed over to a committee, said it must have “independent members with knowledge of agriculture and hear both sides and give report on what is to be done”.  Meanwhile, the “protests can continue without violence and the police will not do anything (to stop the protests),” the Chief Justice said.

Senior advocate Harish Salve, who was representing one of the petitioners, said “Protests cannot be just for protest, but to articulate point of view,” the court said, “That is exactly what we mean”

We make it clear that we recognize the fundamental right to protest against a law. There is no question of balancing or curtailing it. But it should not damage anyone’s life or property,” Chief Justice S. A. Bobde said.

Thousands of farmers angered by three agricultural laws that they say threaten their livelihoods have intensified their protests by blocking highways and camping out on the outskirts of the capital New Delhi.

Petitioners had approached the Supreme Court to complain that the protests had hampered drivers and making it difficult for people to access emergency medical services.

“We are of the view at this stage that the farmers’ protest should be allowed to continue without impediment and without any breach of peace either by the protesters or the police,” Bobde said.

Prime Minister Narendra Modi’s administration in September introduced the farm bills that the government says will unshackle farmers from having to sell their produce only at regulated wholesale markets and make contract farming easier.

Farmers insist that the new laws will leave them at the mercy of big corporations.

Six rounds of talks between government ministers and farmers’ union leaders have failed to resolve the situation.

The government has said while the laws can be amended, it is against repealing the bills. Farmers last week rejected a government’s proposal to amend the legislation.

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The court has, however, allowed the government to go ahead with the ground-breaking ceremony and complete the paperwork related to the project. The top court’s nod comes  before Prime Minister Narendra Modi is scheduled to lay the foundation stone for a new Parliament building that was proposed as part of the mega project on Thursday, December 10. The building is estimated to cost Rs 971 crore.

A bench of Justices AM Khanwilkar, Dinesh Maaheshwari and Sanjiv Khanna held a special hearing in the case – it has already reserved its verdict on the petitions against the project – and indicated their displeasure to Solicitor General Tushar Mehta at reports that the agencies had started work on the ground before their ruling.

“It should not be a fait accompli presented to the court…. Stop at the foundation laying ceremony. Some deference must be shown to the court,” the bench observed.

Solicitor General Tushar Mehta told a bench headed by Justice A M Khanwilkar that there would be only foundation stone-laying ceremony, and no construction, demolition or felling of trees would be done for the project as of now.

The revamp, which was announced in September last year, envisages a new triangular Parliament building, with seating capacity for 900 to 1,200 MPs, that is targeted to be constructed by August, 2022 when the country will be celebrating its 75th Independence Day.

The common Central Secretariat is likely to be built by 2024.

Prime Minister Narendra Modi will lay the foundation stone on December 10 for the new Parliament building and the construction is expected to be completed by 2022 at an estimated cost of Rs 971 crore, Lok Sabha Speaker Om Birla had said on December 5.

The top court is seized of pleas which have raised questions over several aspects, including the environmental clearance granted to the project.

During the hearing conducted on Monday through video-conferencing, the bench asked Mehta to apprise it within five minutes about the government’s view on the issue of construction work for the project.

The bench observed that it would not allow construction or demolition till its decision on the pending pleas opposing the project.

The top court said the Centre can proceed with the requisite paperwork in the meantime.

On November 5, the apex court had reserved its verdict on a batch of pleas which have raised questions over the Centre’s ambitious Central Vista project, which covers three km stretch from Rashtrapati Bhavan to India Gate in Lutyens’ Delhi.

The solicitor general had earlier argued in the top court that the project would “save money” which is paid as rent for housing central government ministries in the national capital.

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