TaxTMI 
TaxTMI 
2026 (4) TMI 757
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.... the appellants are concerned, the shares held by Mr. Abhinav Shukla and Mr. Sudhir Shukla in different companies, namely, M/s Par Visions Pvt. Ltd., M/s ARVR Communications Pvt. Ltd., M/s Bag Films & Media Pvt. Ltd., M/s News 24 Broadcast India Ltd. and M/s Bag Live Entertainment Ltd. have been provisionally attached. Challenge to the Provisional Attachment Order and its confirmation has been made by the appellants raising various grounds. However, before we address the issues, it would be gainful to refer brief facts of the case. Brief facts of the case: 2. It is a case where Shri P.K. Barman, Assistant General Manager, Punjab National Bank, Barakhamba Road, New Delhi registered an FIR for commission of fraud by M/s Surya Vinayak Industries Ltd. (in short "M/s SVIL") and its Directors. They obtained loan/CC Limit on the basis of forged records/accounts of the company. The BSF&C Branch of Central Bureau of Investigation registered the FIR on 01.01.2014 and caused investigation against M/s SVIL, Shri Sanjay Jain and Rajiv Jain, the Directors of M/s SVIL for commission of offence under Section 120-B and 420 IPC. The charge sheet has been filed by CBI after completion of invest....
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....v Traders and M/s Vardhaman Traders, contractors employed by the Education Society for the land development at Mumbai. Lastly Rs. 50 Lakhs was paid to M/s Drishti Marine Pvt. Ltd. as part of MOU between the Education Society and the company for imparting training and skills required for lifeguards, etc. 4. The respondents caused provisional attachment of the shares held by Mr. Abhinav Shukla and Mr. Sudhir Shukla and it has been confirmed by the Adjudicating Authority. It was mainly on the ground that the appellant Sudhir Shukla was the President of M/s Bag Films Education Society while Abhinav Shukla was the Secretary of the Society and as per the MOU, President of the Society was designated as Chief Executive, who was supposed to guide and control the activities of the Society. The President and the Secretary were responsible to conduct the affairs of the Society which received Rs. 10.95 Crores out of the proceeds of crime and accordingly shares of the equivalent value were provisionally attached by the respondents. No dispute has been raised by the appellants about the receipt of Rs. 10.95 Crores and out of it Rs. 8.25 Crores was retained by M/s Bag Films Education Society re....
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....act, Sanjay Jain intended to donate a sum of Rs. 20 Crores to M/s ARVR Education Society earlier known as M/s Bag Films Education Society, a school located at Greater Noida and for new building to be developed at Mumbai for which the Govt. of Maharashtra offered a piece of land to the Educational Society. Pursuant thereto, Rajiv Jain and his family members transferred Rs. 10.95 Crores to the Society in a period of two months starting from October, 2012 till December, 2012. Out of the amount of Rs. 10.95 Crores, it is alleged that Rs. 8.25 Crores remained with the appellants. The allegations were made in ignorance of the statement of Abhinav Shukla recorded under Section 50(2) of the Act of 2002. The appellants have given utilization of the amount by the Society negating the allegations made against them. It was not only for setting up the school at Mumbai but to serve the loan of Society. None of the amount went in the personal accounts of the private appellants so as to cause attachment of their shares in different companies. Complete bifurcation of the amount was given yet ignored by the respondents. 7. The learned counsel for the appellants further made a reference of the sta....
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...., they have not received any part of the proceeds of crime so as to attach their shares in different companies. As per the respondents themselves, out of Rs. 10.95 Crores Rs. 5.42 Crores was utilized by the society renamed as M/s ARVR Education Society for servicing the loan. That amount was not received by the two private appellants. A sum of Rs. 2 Crores was transferred to M/s Condour Infrastructure Pvt. Ltd., an entity controlled by Jain brothers and Rs. 70 Lakhs to Mrs. Nidhi Jain wife of Sanjay Jain via M/s Perfect Realbuild Pvt. Ltd., an entity controlled by the appellants which has been eliminated by the respondents out of Rs. 10.95 Crores. Rs. 1 Crore was used for M/s Shiv Shanhi Purvasan Prakal Pvt. Ltd. for availing 269 "saath houses" to become eligible as per the policy of State of Maharashtra. Rs. 1.33 Crores was paid to M/s Chandan Enterprises, M/s Shiv Traders and M/s Vardhaman Traders, who were the contractors of the Society. They remained recipient of the amount indicated above. Lastly Rs. 50 Lakhs was paid to M/s Drishti Marine Pvt. Ltd. as part of MOU between the appellants Education Society renamed as M/s ARVR Education Society and the company for imparting train....