Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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The Appellate Tribunal examined the issue of retention of seized documents/properties u/s 17(4) of the Prevention of Money Laundering Act (PMLA) in a case involving the misuse of loans. The case arose from investigations into investments made from provident funds maintained by UPPCL Trusts as fixed deposits with DHFL, contrary to standing instructions. The Directorate, based on statements from DHFL's Rajendra Mirashie, examined loans disbursed by DHFL and identified the appellant companies of the SGS Group as beneficiaries of loans suspected to have been siphoned off. The seizure of Rs. 33,00,000/- was made from the residential premises of the Gulati family on 13.08.2021. The source of the seized amount was explained as withdrawals from personal accounts for medical exigencies, supported by bank certificates. The Tribunal observed that the rejection of the explanation on the grounds of online banking cannot be accepted, as cash transactions during emergencies cannot be ruled out. The respondent failed to demonstrate the link between the seized amount and the suspected proceeds of crime. Consequently, the Impugned Order was set aside concerning the appellant, and the appeal was allowed.
The Appellate Tribunal examined the issue of retention of seized documents/properties u/s 17(4) of the Prevention of Money Laundering Act (PMLA) in a case involving the misuse of loans. The case arose from investigations into investments made from provident funds maintained by UPPCL Trusts as fixed deposits with DHFL, contrary to standing instructions. The Directorate, based on statements from DHFL's Rajendra Mirashie, examined loans disbursed by DHFL and identified the appellant companies of the SGS Group as beneficiaries of loans suspected to have been siphoned off. The seizure of Rs. 33,00,000/- was made from the residential premises of the Gulati family on 13.08.2021. The source of the seized amount was explained as withdrawals from personal accounts for medical exigencies, supported by bank certificates. The Tribunal observed that the rejection of the explanation on the grounds of online banking cannot be accepted, as cash transactions during emergencies cannot be ruled out. The respondent failed to demonstrate the link between the seized amount and the suspected proceeds of crime. Consequently, the Impugned Order was set aside concerning the appellant, and the appeal was allowed.
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