Politics · India · 2 hrs ago
Jagathrakshakan and family challenge property seizure in FEMA case
DMK MP S. Jagathrakshakan and two of his children have challenged a property seizure in the Madras High Court in Chennai.
The Enforcement Directorate alleges the family contravened India’s Foreign Exchange Management Act in connection with shares in a Singapore company.
The inquiry began after Jagathrakshakan disclosed that he had been a director of Silver Park International, which was set up in 2017.
The family said they did not seek Reserve Bank of India permission for share purchases and transfers because they thought permission was needed only when money was paid; the ED rejected that explanation.
The ED alleged a ₹161.12-crore violation and seized property, while a FEMA tribunal later partly upheld the seizure order.
The family is contesting the seizure of property worth ₹45.34 crore, and the High Court has admitted their appeals and ordered notice to the ED.
The court will consider their challenge; the source does not say when the case will be heard next.
DMK MP S. Jagathrakshakan and his son and daughter have challenged the seizure of properties worth ₹45.34 crore in a FEMA case.
The Enforcement Directorate alleges the family contravened the Foreign Exchange Management Act by ₹161.12 crore.
The Madras High Court admitted their appeals and ordered notice to the ED.
The appeals challenge a FEMA appellate tribunal order dated May 21, 2026, which partly confirmed a seizure order.
The case concerns shares in Silver Park International Pte. Limited, incorporated in Singapore in 2017.
- Who
- DMK MP S. Jagathrakshakan, his son J. Sundeep Anand and his daughter J. Sri Nisha.
- What
- They challenged the seizure of properties worth ₹45.34 crore in a FEMA case alleging a ₹161.12-crore contravention.
- When
- The Madras High Court admitted their appeals on a date not stated. The tribunal order they challenged was dated May 21, 2026.
- Where
- The appeals were filed in the Madras High Court. The properties are in India, and the company at the centre of the case was incorporated in Singapore.
- Why
- They challenged a tribunal order that partly confirmed the seizure. The family told the ED they believed RBI permission was required only when money was paid, not before.
Jagathrakshakan and family
Enforcement Directorate
RBI permission
Jagathrakshakan and family
The family said they believed permission was required only when payment was made.
Enforcement Directorate
The ED concluded that the family contravened Section 4 of FEMA.
Shares and seizure
Jagathrakshakan and family
The family challenged the tribunal order that partly confirmed the seizure.
Enforcement Directorate
The ED alleged a ₹161.12-crore FEMA contravention and seized properties.
Silver Park International Pte. Limited was incorporated in Singapore.
Jagathrakshakan gifted shares to his wife, daughter and son, according to the ED.
His wife transferred her shares equally to their son and daughter for one Singapore dollar each.
The ED ordered the seizure of the family’s immovable properties worth ₹89.17 crore.
The competent authority set aside the seizure order.
The FEMA appellate tribunal partly confirmed the seizure order.
- Alleged FEMA contravention
- ₹161.12 crore
- Properties challenged in High Court
- ₹45.34 crore
- Initial property seizure
- ₹89.17 crore
- Company
- Silver Park International Pte. Limited, Singapore
- High Court
- Madras High Court
- Tribunal order
- May 21, 2026
1 source
What people are saying
Even if the value of 1 SGD per share is regarded as nominal value, it cannot be stated that the shares were of zero value
Without acquisition and holding on to the subscription of shares, the allotees could not have been appointed as Directors of the Company.