TaxTMI 
TaxTMI 
2014 (7) TMI 1221
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....e name and style of M/s. Chivas Trading Corporation, Trichy, who has been directed to appear in person today (15.07.2014) and produce the following documents: a) his Passport b) Bank Account details along with transcripts of himself and his family members and their companies. c) Ration Card/Voter I.D. Card d) Details of immovable properties held in India by him/family members, name, companies name, viz., M/s. Chivas Trading Corporation, Trichy. 3. The petitioner namely R. Geetha, in W.P (MD)No.11526 of 2014 is Mrs. R. Geetha, partner of the same who has been directed to appear in person/ authorized agent and it has not been specifically mentioned whether she has to appear in person or through authorized agent, and has been directed....
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....(a) maintain a record of all transactions, including information relating to transactions covered under clause (b) in such manner as to enable it to reconstruct individual transactions; (b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed; (c) verify the identity of its clients in such manner and subject to such conditions, as may be prescribed; (d) identify the beneficial owner, if any, of such of its clients, as may be prescribed; (e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients". ....
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.... the year 2006, mortgage has been executed on 22.03.2006, confirmation has been made on the same day and the amount due as on the date of filing of the petition is Rs. 3,04,90,377/-. During the pendency of the suit, when the bank went to attach and sell the property by invoking the provision of SARFAESI Act, it came to light that there is no such property available and hence a case has been registered. According to the learned Senior Counsel for the petitioners, before registering a case, the petitioners have received notices and appeared before the Court, co-operating with the investigation and thereafter only, the case has been registered and it is their case that the bank, after verifying all the records only, has sanctioned the loan amo....
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....riminal forum as well as under the provisions of the Money-Laundering Act, 2002. Therefore, learned Counsel for the petitioners submitted that the impugned summons deserves to be quashed. 10. Mr. K.K. Senthilvelan, learned Assistant Solicitor General of India, accepts notice for the respondent and submitted that the details mentioned in the schedule to the summon are essentially required for conducting investigation under the provision of Money-Laundering Act, 2002, and the documents sought for are well within the scope and ambit of Section 12 of the Act. The further contention is that the matter is under investigation and a summon may not be quashed at the very threshold as it would ramper the investigation and the petitioners are bound t....
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....ading Corporation. 14. Thus all the documents called for clearly fall within the ambit of sub-sections (a) to (e) of Section 12(1) of the Act. In such circumstances the summons issued to the petitioners cannot be quashed at the very threshold. In any event, the summons is for production of the documents for the purpose of conducting an investigation under the Act. The petitioners apprehend harassment in the hands of the respondent/designated authority when they are appear for enquiry pursuant to the summons. 15. It is to be noted that the designated authority has to proceed in accordance with law and there shall not be any harassment on the petitioners, merely because they are responding to the summons issued. Needless to state that the p....