2026 (4) TMI 1006

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....ed in Original Complaint No. 864/2018 whereby the Adjudicating Authority confirmed the Provisional Attachment Order No. 15/2017 dated 15.12.2017. The details of the property of the present Appellant are as under: Sl. No. Particulars of the Fixed Deposits held with Kotak Mahindra Bank Ltd, Hospet Branch, Karnataka In whose name the property stands Value of the Fixed Deposits as on 13.12.2017 Fixed Deposit A/c No. & Date Face Value of the Fixed Deposit Source of Funds 1. 118091044713 dated 13.02.2015 Rs. 1 Crore Transferred from C.A. 118011022889 ILC Iron and Steel Industries 1,06,88,261.00 2. 118091044721 dated 13.02.2015 Rs. 1 Crore -do- ILC Iron and Steel Industries 1,06,88,346.00 ....

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....ion, ED recorded the statement of the suspects/accused persons and others and also collected the documents from various sources. On the basis of the material on record, ED passed the Provisional Attachment Order 15/2017 dated 03.12.2014. Thereafter, ED filed the Original Complaint No. 864/2018 dated 28.12.2017, before the Adjudicating Authority for confirmation of the attached properties as mentioned in the Original Complaint along with relied upon documents. The Adjudicating Authority being satisfied with the allegations mentioned in the Original Complaint issued the Show Cause Notice to the defendants. After receiving the reply of the defendants and the rejoinder from the complainant, the Adjudicating Authority after hearing the rival ....

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....hment from the Adjudicating Authority, without appreciating the true facts, to cover up the illegality committed by the ED, while passing the PAO No. 15/2017 dated 05.12.2017. He further argued that there is no evidence on record that Appellant Company received any amount from M/s ILC Industries Ltd., as alleged. The Appellant Company has not received any share from proceeds of crime in any manner whatsoever. He further contended that the Appellant Company is an independent legal entity and has no business connections with M/s ILC Industries Ltd. The Appellant Company is having turnover of Rs. 364.28 Crores during the FY 2012-13 to 2014-15. He further submitted that the property of the Appellant Company cannot be attached simply because Mr.....