Banks Cannot Act Without Legal Basis; Defreezing of Malabar Gold Accounts Ordered: Delhi High Court

The Delhi High Court intervened to protect Malabar Gold and Diamond Limited from what it described as unjustified freezing of bank accounts, holding that law enforcement agencies cannot block accounts without following due legal process. The Court directed the immediate defreezing of the company’s accounts, noting that no case or allegation had been made out against the company. Facts of the Case Malabar Gold approached the High Court after its…