TaxTMI 
TaxTMI 
2019 (8) TMI 1378
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....ned by the above mentioned appellants in which arguments were addressed by both parties. The same were encashed by the respondent before passing the interim order. Mr. Sandeep Tyagi is the Director of M/s. Mainak Agency Pvt. Ltd. The followings are the details of the mutual funds: S. No. Name Amount (Rs.) and asset 1. Shri Sandeep Tyagi 1,41,62,473.77 2. M/s. Mainak Agency Pvt. Ltd. 2,41,94,487.69 4. It is a matter of record that the Current Bank Accounts/FDRs/Mutual Funds of the appellants had been seized by the CBI in May, 2018 on the basis of identical allegations as arraigned in the PAO/OC/SCN. It is pertinent to note that vide Order dated 11.3.2019, the Ld. CBI Court has passed the order by defreezing the frozen assets, subject to conditions. The relevant observations of the Trial Court are reproduced as hereunder: "17. In the case in hand, it is alleged that accused Sanjeev Tyagi, Director of M/s. Mainik Agency P. Ltd. & Sandeep Tyagi have taken bribe amount in cash in the year 2004-2005 and acted as middleman, to gain favour to M/s. Agusta Westland, relation to sale of 12 VVIP Chopper of Agusta Westland Co. The bribe amount was paid in ....
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....cted by this court." 5. Admittedly, the CBI had filed an appeal challenging the Order dated 11.3.2019 before the Hon'ble Delhi High Court and got an exparte stay against the said order, being M.C. No. 2571 of 2019 which is pending for adjudication. The said order was passed on 17.05.2019. 6. On 17.5.2019, the following order was passed:- "IN THE HIGH COURT OF DELHI AT NEW DELHI CRL.M.C.2571/2019 CENTRAL BUREAU OF INVESTIGATIION .... Petitioner • Through: Mr. D.P. Singh, SPP with Mr. Manu Mishra, Mr. Ashwin Manoharan, Advocates with DSP Anil Yadav M/S. MAINAK AGENCY PVT. LTD & ANR. ... Respondents CORAM: HON'BLE MR. JUSTICE R.K. GAUBA ORDER 17.05.2019 Crl.M.A. 10323/2019 (Exemption) Allowed subject to just exceptions CRL.M.C. 2571/2019 and Crl.M.A.10322/2019 Issue notice to the respondents on appropriate steps being taken by the petitioner, returnable for 10.7.2019. Meanwhile, the operation of the impugned order dated 11.3.2019 shall remain stayed. Dasti under the signatures of the Court Master. R.K.GAUBA, J MAY 17, 2019" 7. After ....
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....ned account: IFSC Code : UBIN0535249 Beneficiary A/c No. : 352402010906377 Beneficiary A/c Holder : Joint Director, Directorate of Enforcement (PMLA) Name of the Bank : Union Bank of India, Lodhi Colony, New Delhi 4. An intimation to this effect may also be sent to the undersigned. Encls: As above Sd/- (Yogeshwar Sharma) Deputy Director 8. The factum of de-freezing the mutual funds by the Special Court as well as passing the stay order passed by the Hon'ble High Court of Delhi has not been mentioned by the respondent in its letter. 9. Thereafter, on 11th June,2019, on the basis of direction issued by ED, a letter has been issued by Reliance Nippon Life Asset Management Ltd. and the same is reproduced below:- Ref: RMF/June/2019/SR 58900156 June 11, 2019 RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD Nippon Life Company To, Sanjeev Tyagi 91-E, Eastern Avenue Sainik Farms Near Ram Mandir Deoli South Delhi Delhi-110062 Sub: Release of investments as per notice from Directorate of Enforcement Dear Mr. Tyagi, We are in re....
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....hat in the charge-sheet filed by the CBI in FIR being RC No. 217 2013 A 003, they are not named. 13. The Prevention of Money Laundering Act taking possession of attached or frozen properties confirmed by the Adjudicating Authority Rules 2013, in particular, Rule 4(4) specifically provides that - "Where the attached property confirmed by the Adjudicating Authority is in the form of shares, debentures, units of mutual fund or instruments, the authorized officer shall cause to get such shares, debentures, units of Mutual Fund or instruments to be transferred in favour of the Director of Enforcement." 14. It is evident that the respondent by encashing the mutual funds at the pre-mature stage is directly contrary to Sub-rule (4) of Rule-4 without expiry of period of appeal. 15. It is stated by the learned counsel for the appellants that only in the 3rd supplementary complaint dated 17.07.2018, the Special Judge, CBI had passed the order dated 24.07.2018 and issued summons against the named persons in charge-sheet as well as to the appellants. It is stated that the charges are yet to be framed. It is stated on behalf of appellants that under the schedule offence, the ap....