TaxTMI 
TaxTMI 
2015 (8) TMI 1112
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.... on behalf of M/s. Alankar Alloys Pvt. Ltd. for the purchase of the property which has been attached by the impugned order which is challenged by the present appeal. 3. The appellant has admitted that except paying the consideration for the purchase of the property which has been attached, no other right of the appellant was created in the property nor any such document was executed between the purchaser company and the appellant. 4. The allegation against the appellant is that he is the Managing Director of M/s. Alankar Alloys Pvt. Ltd which company was manufacturing and selling goods using the trade mark of Steel Authority of India Ltd. (SAIL). 5. In the present proceedings as to whether Shri Lalit Kumar Agarwal ha....
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....l not impact the criminal trial in the criminal cases. Any observation made while confirming the order of attachment by the Adjudicating Authority will not impact any complaint filed against the appellant under Sections 3 & 4 of PML Act, 2002 in any manner. In the criminal cases which are pending and which may be filed against the appellant, the Courts will have to come to an independent finding on the basis of documents and evidence produced before them, whether the offenses alleged against the appellant have been made out or not. On the basis of the observation made in the impugned order passed under Section 8(3) of PMLA, the appellant cannot be convicted and sentenced in the criminal cases. The apprehension of the learned Counsel is, the....
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....ved in money laundering irrespective of whether it is in possession of the person charged of having committed a scheduled offense or any other person - provided however, it must be shown to have proceeds of crime and further, the proceeds of crime are likely to be concealed, transferred or dealt with in any manner, which may result in frustrating any proceedings relating to confiscation of such proceeds of crime under the Act. The action of attachment is not in relation to a person as such but essentially to freeze the proceeds of the crime. The fact that the respondents could have acted only if there was reason to believe that a person is in possession of proceeds of crime does not mean that the authorities at this stage are obliged to pro....
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....ke order of stay, injunction or appointment of receiver which are designed to preserve the status quo pending litigation to ensure that the parties may not be prejudiced but the normal delay which the proceedings before the Court usually take. The orders which are passed under Chapter III of PMLA are passed to ensure that the parties may not be prejudiced on account of the normal delay which the proceedings before the Court may usually take before deciding whether an accused has committed the offence of Money Laundering or not and whether the accused has committed the scheduled offence. 12. Any observation by the Adjudicating Authority will not and cannot impact the criminal cases pending against the appellant nor will impact any co....