<p>The Society, whose accounts were freezed by CBI in January after registering a case against it and its several members for allegedly flouting norms, contended before a bench of justices H L Dattu and C K Prasad that it should be allowed to raise money from its members.<br /><br />The bench, however, asked the Society to clarify whether it wanted defreezing of its bank accounts or to raise money from its members and open a new account.<br /><br />It asked the Society to make its stand clear on Monday when the case would come up for further hearing.</p>.<p>The Society approached the apex court after the Bombay High Court had on July 27 dismissed its plea to defreeze its bank accounts. <br /><br />CBI had in January frozen two bank accounts of the Society after registering a case against 14 accused including several of its members for allegedly flouting norms.<br /><br />Aggrieved, the Society moved the court seeking defreezing of its accounts with the State Bank of India, having its deposits of Rs 2 crore, to bear legal expenses and day-to-day expenditure of the Society.<br /><br />"In our opinion, the action of the investigating agency in seizing the bank accounts of the Society is justified. The money lying in the said accounts cannot be allowed to be dissipated or depleted as the said amount would have great relevance at the conclusion of the trial in case the trial court decides to impose the sentence of fine," the High Court had said.<br /><br />The court had also not found any substance in the contention of the Society that the CBI's action had affected its right to legal representation. <br /><br />"In any case, bank accounts which are frozen for investigation, particularly in respect of benami transactions, cannot be defreezed on the ground that the petitioner-Society wants to engage lawyer of its choice. The amounts lying in the banks which create suspicion about commission of crime cannot be allowed to be depleted," the judges had noted.<br /><br />CBI has filed an FIR in the case and has named former Maharashtra chief minister Ashok Chavan, retired army officials, government officials on charges of criminal conspiracy, fraud and misuse of their official powers.</p>
<p>The Society, whose accounts were freezed by CBI in January after registering a case against it and its several members for allegedly flouting norms, contended before a bench of justices H L Dattu and C K Prasad that it should be allowed to raise money from its members.<br /><br />The bench, however, asked the Society to clarify whether it wanted defreezing of its bank accounts or to raise money from its members and open a new account.<br /><br />It asked the Society to make its stand clear on Monday when the case would come up for further hearing.</p>.<p>The Society approached the apex court after the Bombay High Court had on July 27 dismissed its plea to defreeze its bank accounts. <br /><br />CBI had in January frozen two bank accounts of the Society after registering a case against 14 accused including several of its members for allegedly flouting norms.<br /><br />Aggrieved, the Society moved the court seeking defreezing of its accounts with the State Bank of India, having its deposits of Rs 2 crore, to bear legal expenses and day-to-day expenditure of the Society.<br /><br />"In our opinion, the action of the investigating agency in seizing the bank accounts of the Society is justified. The money lying in the said accounts cannot be allowed to be dissipated or depleted as the said amount would have great relevance at the conclusion of the trial in case the trial court decides to impose the sentence of fine," the High Court had said.<br /><br />The court had also not found any substance in the contention of the Society that the CBI's action had affected its right to legal representation. <br /><br />"In any case, bank accounts which are frozen for investigation, particularly in respect of benami transactions, cannot be defreezed on the ground that the petitioner-Society wants to engage lawyer of its choice. The amounts lying in the banks which create suspicion about commission of crime cannot be allowed to be depleted," the judges had noted.<br /><br />CBI has filed an FIR in the case and has named former Maharashtra chief minister Ashok Chavan, retired army officials, government officials on charges of criminal conspiracy, fraud and misuse of their official powers.</p>