TaxTMI 
TaxTMI 
TaxTMI 
2025 (6) TMI 929
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....as under :- S. No. Description of Property Document No. and regtd. value in Rs. Present guideline value in Rs. 1. All that piece and parcel of land situated at 51 (Old no.155) Sholinganallur Village, Tambaram Taluk, Kancheepuram Distt. Comprised in Old Survey No.408/10 Part, New Survey no.408/10B, Patta no.2144 measuring 46,495 sq.ft. and 85,000 sq. ft. of building was constructed on it which housed the headquarter of M/s. Zylog Systems Ltd. 7436/2005 dated 28.12.2005 registered with SRO, Neelankarai for a value of Rs. 2,25,00,000/- 26,34,54,950/- (46,495 sq. ft. land x Rs. 2010 per sq. ft. + 85,000 sq. ft. Building x Rs. 2000/- per sq. ft.) 2. Duplex Flat no.4, in Plot no.12 Bhagyam Green Meadows, Anna Malai Avenue, Okkiam, Thoraipalkkam Village, with an undivided share of land measuring 1104 sq. ft. out of the 4,400 sq. ft. of Plot no.12 in Old Survey no.324/1, New Survey no.324/1A1B. 3705/2008 dated 10.09.2008 with SRO, Neelankarai for a value of Rs. 7,36,368/-. 56,72,880/- (1,104 sq. ft. land x Rs. 2,345/- per sq. ft. + 1,542 sq. ft. Apartment x Rs. 2000/- per sq. ft.) 3. Duplex Flat no.3, in Plot no.12 Bhagyam Green Meadows, Anna Malai Avenue, Okkiam, Thoraipal....
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....he Union Bank of India, Industrial Finance Branch, Chennai. Brief facts of FIRs & Charge Sheets are as follows :- i) Investigation conducted by CBI revealed that Mr. Sudarshan Venkatraman, Chairman & CEO of ZSL, Mr. Ramanujam Sesharathnam, Managing Director & COO of ZSL had floated fictitious shell companies viz. M/s. Woodbridge Technologies Pvt. Ltd. and M/s. Effica Systems Pvt. Ltd. in the year 2009. They made their own lower cadre employees of ZSL as directors of the said companies. The fictitious invoices towards purchase of software/hardware were created in the name of these two companies and were used to avail the said loan from Dena Bank; ii) M/s. Azhvas Infotech, a partnership firm promoted by Sh. Kannan Seshrathnam, brother of Mr. Ramanujam Seshrathnam was also used to get fictitious invoices. M/s. Innova Systems & Solutions Inc., USA was also used to get fictitious invoices towards import of software. Sh. K.K. Sudarshan, Chartered Accountant provided certificates to this company on two different occasions certifying the import of software amounting to Rs. 20 crores approximately; iii) One more shell company viz. M/s. Aditicon Services (India) Pvt. Ltd. was also pro....
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....ct cost as margin money. The primary security was exclusive 1st charge on the assets of the company to be created out of Bank finance. As collateral, the promoters of M/s. Zylog Systems Ltd. were to pledge 5 lakh shares of M/s. Zylog Systems Ltd. with the then prevailing market price of Rs. 589 per share totaling to Rs. 29.45 crores. In addition personal guarantees of the promoters S/Sh. Sudarshan Venkatraman and Ramanujam Seshsarathnam were obtained for release of this loan. M/s. Zylog Systems Ltd. accepted the terms & conditions vide their letter dated 28.03.2012. The first disbursement of the loan was released to the company on 16.04.2012. Sh. Thomas John B submitted attested copies of the relevant communications in this regard along with copies of the net worth of the promoters of M/s. Zylog Systems Ltd., viz. S/Sh. Sudarshan Venkatraman and Ramanujam Sesharathnam, which constituted one of the basis for accepting their personal guarantees for the loans. 5 lacs shares of M/s. Zylog Systems Ltd., held by M/s. Sthithi Insurance Services Pvt. Ltd. were pledged to the bank. M/s. Sthithi Insurance Services Pvt. Ltd. is a company promoted by S/Sh. Sudarshan Venkatraman and Ramanujam S....
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....aised against M/s. Zylog Systems Ltd. on behalf of M/s. Azhvas Infotech in good faith. With respect to one invoice, the money that was remitted to M/s. Azhvas Infotech was re-remitted to M/s. Zylog Systems Ltd. and thereafter suspecting foul play, he stopped appending his signatures. Mr. M.V. Ganesan, Administrative officer of ZSL, stated that M/s. Effica Systems Pvt. Ltd. is an independent private limited company wherein his wife Smt. G. Krishnaveni and Sh. R. Santhana Kumar are two directors. His wife received Rs. 5,000/- in cash per month for lending her name and personal details for this purpose. M/s. Woodbridge Technologies Pvt. Ltd. is an independent private limited company, wherein Sh. Govindaraju Kaniappan and Sh. Sriram V are two dummy directors. M/s. Aditicon Services (India) Pvt. Ltd. is an independent private limited company, having two dummy directors viz. Sh. R. Mohan and Sh. Krishnamurthy. After the death of Sh. Krishnamurthy, three dummy directors came on board, namely, Sh. R. Mohan, Sh. Gandeeban and Sh. Santhanakumar Rajendran. M/s. Azhvas Infotech, belonged to Sh. Kannan Sesharathnam, the elder brother of Sh. Ramanujam Sesharathnam. He stated that Sh. Sudarshan ....
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....n the year 2009. They made their own lower cadre employees of ZSL as directors of the said companies. The fictitious invoices towards purchase of software/hardware were created in the names of these two companies and were used to avail the said loan from Dena Bank. M/s. Azhvas Infotech, a partnership firm, promoted by Sh. Kannan Seshrathnam, brother of Ramanujam Seshrathnam was also used to get fictitious invoices; that M/s. Innova Systems & Solutions Inc., USA was also sued to get fictitious invoices towards import of software. Sh. K.K. Sudershan, Chartered Accountant provided certificates to this company on two different occasions certifying the import of software amounting to Rs. 20 crores approximately. One more shell company viz. M/s. Aditicon Services (India) Pvt. Ltd. was also promoted by S/Sh. Sudarshan Venkatraman and Ramanujam Sesharathnam and this company was mainly used as a first layer company from where the funds were diverted to various ends. ii) Scrutiny of the seized documents revealed that ZSL had obtained loans from various banks apart from Dena Bank and there are entries of receivables by ZSL and the same are need to be examined in the aspect of money launderi....
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..... Bharani Vaitheesvaran (i.e. appellants of appeals at S. No. 3 & 4) for sum of Rs. 68,38,000/- and the sale certificate dated 7.02.2015 (at page 193) is already issued in their favour and physical possession was handed over on 7.02.2015. Hence, question of attaching the said flats vide PAO dated 28.02.2019 by ED, does not arise. He further pointed out that qua the remaining mortgaged property (at S. No.1 in para no.1 above), the question of attaching even the said mortgaged property, does not arise, seeing the fact that the appellant bank is victim of fraud and has right to realise its outstanding dues by selling the mortgaged properties, in view of the issuance of the Recovery Certificate dated 28.06.2018 by DRT, Chennai in Original Application no.111 of 2015. He submitted that appellant bank is being victimized by ED just because it lodged the two complaints/FIRs before CBI, without appreciating the fact that the attached properties are previously mortgaged properties, before the commission of fraud from 2009 to 2013. He further pointed out that the appellant M/s. Zylog Systems Ltd., is already under liquidation, however, liquidation proceedings could not be proceeded because ....