TaxTMI 
TaxTMI 
2018 (12) TMI 1193
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....ned on this in the Original Application even after examination of account statement. In fact, the said bank account is cash-credit account, having debit balance on the date of freezing for more than eight years. 4. The grievance of the appellant is that its loan account, being A/c. No. 034013100000618 maintained with Andhra Bank (having Debit Balance of Rs. 8,02,387,841/-) which is unrelated to the scope of ongoing inquiry has been ordered to be frozen by the Respondent No.2 on 07.04.2017. The proceedings under Section 8 of the PML Act, 2002, which culminated with passing of the impugned order dated 12.09.2017 by the Respondent No. 1 who has not recorded reasons for continuation of the freezing order. 5. The Respondent No.2 had ordered to freeze the loan account on 07.04.2017 and after due inquiry, only 07 transactions reflected in the said account were put to the appellant. It is stated by the appellant that the appellant has explained the official of Enforcement Directorate and no further notice has been issued to the appellant in regard to the said inquiry. The limited prayer in the above appeal is that it may be allowed to operate its loan account. The order to freeze the loa....
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.... served to all persons holding such property. (2) The Adjudicating Authority shall, after- (a) considering the reply, if any, to the notice issued under sub-section (1); (b) hearing the aggrieved person and the Director or any other officer authorised by him in this behalf; and (c) taking into account all relevant materials placed on record before him, by an order, record a finding whether all or any of the properties referred to in the notice issued under subsection (1) are involved in money-laundering: Provided that if the property is claimed by a person, other than a person to whom the notice had been issued, such person shall also be given an opportunity of being heard to prove that the property is not involved in money-laundering. (3) Where the Adjudicating Authority decides under sub-section (2) that any property is involved in money-laundering, he shall, by an order in writing, confirm the attachment of the property made under sub-section (1) of section 5 or retention of property or 3[record seized or frozen under section 17 or section 18 and record a finding to that effect, whereupon such attachment or retention or freezing of the seized or frozen property] or rec....
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....ed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering: Provided that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering.] 17. Search and seizure.- 1. Where [the Director or any other officer not below the rank of Deputy Director authorized by him for the purposes of this section], on the basis of information in his possession, has reason to believe (the reason for such belief to be recorded in writing) that any personi- i. has committed any act which constitutes moneylaundering, or ii. is in possession of any proceeds of crime involved in money-laundering, or iii. is in possession of any records relating to moneylaundering, iv. is in possession of any property related to crime, then, subject to the rules made in this behalf, he may authorise any officer subordinate to him to a) enter and search a....
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....ward a copy of the reasons so recorded along with material in his possession, referred to in that sub-section, to the Adjudicating Authority in a sealed envelope, in the manner, as may be prescribed and such Adjudicating Authority shall keep such reasons and material for such period, as may be prescribed. 3. Where an authority, upon information obtained during survey under section 16, is satisfied that any evidence shall be or is likely to be concealed or tampered with, he may, for reasons to be recorded in writing, enter and search the building or place where such evidence is located and seize that evidence: Provided that no authorisation referred to in sub-section (1) shall be required for search under this sub-section. 4. [The authority, seizing any record or property under subsection (1) or freezing any record or property under sub-section (1A) shall, within a period of thirty days from such seizure of freezing, as the case may be, file an application, requesting for retention of such record or property seized under sub-section (1) or for continuation of the order of freezing served under subsection (1A), before the Adjudicating Authority. 10. In compliance of the notice ....
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....mindless freeing by the ED has resulted in the said bank account becoming „NPA‟ as per RBI regulations. 18. The contents of two letters dated 2.5.2017 and 23.6.2017 are reproduced hereunder:- GEOXA STEELS PRIVATE LIMITED Manufacturers of Stainless Steels, Tubes & Pipes Regd. Office: Village Kuba, Tehsil Samrala, Distt. Ludhiana - 141418(Punjab) INDIA E-mail: [email protected] URL: www.geoxasteels.com Tel: +91-1628-267018, 267218 02.05.2017 Mr. Roopesh Kumar, The Assistant Joint Director, PMLA, Enforcement Directorate Chandigarh Reg: - Request for issue of NOC for operations in account No. 034013100000618 in the name of Geoxa Steels Private Limited. Sir, With reference to above, we came to know that you have also stop operations in our above cited account number in the reference of case of M/s. Heights International/Amanpreet Singh Sodhi. We hereby submit that the above cited account is a Cash Credit Limit account of our company namely Geoxa Steels Private Limited. Due to stoppage of operations in account we are unable to do any transaction in the account due to which there is likely chances that our account will be slipped to NPA category. We hereby ....
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....nor the frozen bank account are even named in the FIR and the ECIR. There are no allegations, whatsoever, against the Appellant or the frozen bank account. There are no specific allegations in the OA against the frozen Bank account. 21. As far as passing the order to delete the entry of declaration of NPA, the said question does not arise as this Tribunal has no jurisdiction. Counsel for the appellant, however, states that the appellant intents to pay the amount by virtue of settlement so that business may continue. He referred the letter dated 26.10.2018 issued by the Bank. The same is reproduced as under: ANDHRA BANK ( A Govt. of India Undertaking) LUDHIANA MAIN BRANCH- 0340 Email - [email protected] From: Chief Manager Andhra Bank Millerganj, G T Road Branch Ludhiana To, Mr. Amanpreet Singh Sodhi, Director M/s. Geoxa Steels Pvt.Ltd, Village Kubba, Tehsil Samrala, Dist. Ludhiana 141 418 Lt No. 0340/52/18-19/240 Dated - 26.10.2018 Sir, Reg : M/s. Geoxa Steels Pvt Ltd. - Restructuring/Renewal of Limits With reference to your request dated 10.09.2018 for restructuring cum renewal of credit facilities of the company, we wish to inform you that the same may be t....