Justice Kaul : I have already said I am alert but not alarmed. This is not the language for the court.
Kapil Sibal : Very unfair.
Justice Kaul : We may say tomorrow, after hearing that party that we will wait for the review. But we can't say we can never revisit the decision. Review order says at least 2 aspects to be reconsidered. Jurisdiction and review are different. Problem is, sometimes if one side feels I am faced with an adverse order already, then what can we do. Somebody has filed it. We can consider. Don't preclude somebody.
Justice Khanna : Power of review is a bit larger...this is the final court...please don't assume we are saying the decision is wrong..but certain nuances have been raised..
SG : Its not an academic exercise. We have to be alert and alarm.
Justice Kaul : We are alert, we won't be alarmed by any party.
Justice Khanna : If there is a view taken, and somebody says it is to be relooked, it can be..
SG : In review, which is to be listed.
Justice Khanna : If another bench feels the matter to be reconsidered and is referred...like what happened in the arbitration..
Justice Kaul : Prima facie my view if it is worth it, the three judge bench can revisit. The Court will show circumspection in deciding whether to look into it. But there cannot be bar. Is it written in stone that a bench cannot look into another judgment?
SG : But not like this in these proceedings.
SG : This bench cannot revisit the judgment in these proceedings, otherwise there will be no end to litigation.
Justice Kaul : We will deal with it.
SG urges the bench to await the mutual evaluation by FATF.
Justice Kaul : No, sorry.
SG : It might be in national interest to wait for a month or two
Justice Kaul : Even scrutiny can be in national interest.
Justice Khanna : As a counsel, I have attended those...
SG : FATF conducts mutual evaluation, meaning thereby, 7 members of 7 different countries come to India and examine if our law is in tune with the standards. After that...
Justice Khanna smiles.
SG : Your lordship is smiling, whether it is encouraging or not...
SG : PMLA is not a standalone offence. There is a global response. Unlike other laws, PMLA is prepared by the legislature in conformity with the directions issued by the Financial Action Task Force. Accordingly, every member country has prepared their money laundering and terror financing laws.