SecureKloud Technologies, a digital transformation and cloud technology provider listed on NSE and BSE, on Monday, said the Supreme Court of India upheld the recent Madras High Court ruling, in which the court unequivocally quashed the money laundering case filed by the Enforcement Directorate (ED) against US-based Indian entrepreneur Suresh Venkatachari, the promoter of SecureKloud Technologies.
The Supreme Court rejected the appeal filed by the ED, affirming the Madras High Court judgment and conclusively endorsing the quashing of the predicate offense of the ECIR in a pivotal decision, the company told The Hindu.
SecureKloud has issued an official statement to both the bourses in the country announcing the exoneration of its promoters from any charges, following the conclusive judgments of both the High Court and the Supreme Court.
Responding to the High Court judgment in December 2023, R. Thyagarajan, CFO of SecureKloud Technologies Limited, said, “We are pleased with the ruling, which affirms our position and dispels any doubts regarding our company’s involvement in illicit activities.’‘
The nullification of allegations by the High Court is recognised by the company, underscoring the unfounded nature of accusations against the promoters of SecureKloud, which resulted in unwarranted negative publicity attempting to tarnish the hard-earned goodwill of the organisation, the company said a filing made to both BSE and NSE on Monday.
The genesis of this case dates back to the filing of an ECIR in 2020 and the arrest of Mr. Venkatachari by ED in a PMLA case. After careful consideration of the arguments presented by both the Enforcement Directorate and the promoters of SecureKloud Technologies, the court concluded, expressing satisfaction in quashing the ECIR against the promoters of SecureKloud. The High Court judgment in favour of the promoter of SecureKloud was delivered by a division bench of the High Court of Madras, comprising Justice S.S. Sundar and Justice Sunder Mohan, according to the company.
“The order underscores the fact that SecureKloud is in no way connected to the money laundering charges levelled against them. The Enforcement Directorate’s appeal against the quashing of the predicate offense of the ECIR by Madras High Court has now been upheld by the Supreme Court, implying Suresh Venkatachari is free of all charges,’‘ CFO Thyagarajan added.
