TaxTMI 
TaxTMI 
2022 (8) TMI 656
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....l Public Prosecutor for CBI Sri N. Nagender for the respondent No.1. 3. Learned counsel for the petitioner submitted that the petitioner was the mother of Sri B.Ramalinga Raju, Sri B.Suryanarayana Raju and Sri B. Rama Raju. She was aged about 85 years. Her husband was a businessman. She opened an account in the respondent No.4 bank in her name and she also had fixed deposits with respondent Nos.2 and 3 at Jubilee Hills, Kalyannagar Branch. The Central Bureau of Investigation (CBI) has registered cases against her sons by showing them as accused in C.C.No.1,2,3 of 2010 and all the accounts of the accused, their family members and relatives were freezed. In the process, the bank account pertaining to the petitioner was also freezed by the 1s....
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....4.2015 to continue the freezing of the accounts and therefore, the accounts could not be defreezed. The letter dated 07.04.2015 was not served on the petitioner. The judgment in C.C.No.1,2,3 of 2010 was delivered two days thereafter on 09.04.2015. The petitioner also gave representation to the 1st respondent on 22.11.2018 to which the 1st respondent had not replied. The action of the 1st respondent in directing the respondent Nos.2 to 4 to continue freezing all the savings bank accounts and fixed deposits of the petitioner was arbitrary, illegal, contrary to law and without jurisdiction. The petitioner filed Income Tax returns before the Income Tax Authority. She declared the income in the above accounts to the Income Tax Department. The mo....
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....estment companies viz., M/s. Elem, M/s.Fincity, M/s.High Grace, M/s.Veeyes Investments and M/s. High Sound etc. Subsequently the investment companies sold these shares in the market and transferred the amounts to the individual accounts of 17 persons. Then from their accounts, amounts were transferred to the accounts of the promoters through cheques. During the year 2000-2001, the proceeds obtained through sale of shares was gifted to the family members of Sri B.Ramalinga Raju by the promoters who offloaded the shares through the investment companies. In the subsequent period, Sri B.Ramalinga Raju and other promoters of the company including the petitioner pledged their shares in M/s.SCSL and availed loans from various NBFCs to a tune of Rs....
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.... the name of the petitioner were done by her sons Sri B. Ramalinga Raju, Sri B.Rama Raju and Sri B. Suryanarayana Raju. The trial Court convicted the accused on the basis of evidence produced by the Central Bureau of Investigation (CBI). The CBI filed appeal for enhancement of the sentence. The accused Nos.1 and 2 also filed appeal against the conviction. The appeals filed by them were pending before Metropolitan Sessions Judge, Nampally. Therefore, it was not desirable for defreezing the accounts, as the amounts involved were liable for confiscation in favour of the State exchequer and prayed to dismiss the petition. 7. Perused the record. 8. As seen from the record, the bank accounts of the petitioner and her fixed deposits were freezed....
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....rs Services Limited (SCSL) and had lost her husband in the year 2001. She sold her shares in Satyam Computers Services Limited (SCSL) on 12th and 15th December, 2003 to three group companies, in an off-market sale, as she needed money considering that she had to sustain herself as a widow. According to Shri Sundaram, though his client would be a relative of B. Ramalinga Raju and, therefore, a connected person, yet, it is obvious that the off market transactions made way back in the year 2003 at a price of around Rs.340/- per share did not attract the 1992 Regulations as the price of these shares rose sharply only thereafter touching a figure of Rs. 966.80/- in the year ending of 2006. According to the learned senior counsel, there was no ev....