Gujarat High Court

Gujarat HC allows bank account operation on condition of maintaining 22 lakhs as min balance

Umamageswari Maruthappan

The High Court of Gujarat permitted the SKJ Finvest Advisory to operate its bank account after taking its acceptance of the condition of maintaining a minimum balance of Rs. 22 Lakhs.

The Bench comprising Justices J.B.Pardiwala and Ilesh J.Vora ordered the maintenance of 22 Lakh Rupees as minimum balance until 21st September 2021.

Upon that condition it set aside the attachment of the bank account and allowed the applicant to resume its operation.

Finvest Advisory’s Council Nainawati affirmed that the applicant shall maintain the required minimum balance in order to operate the bank account which is at present provincially attached.

Chintan Dave, the AGP appearing for the respondents submitted that the condition is “quite reasonable” and had demanded filing of an undertaking in this regard.

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