Partly allowed

FPA-PMLA-1576/ HYD/2016 of M/s Sandur Power Company Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

ATFP7 Feb 2017FPA-PMLA-1576/ HYD/2016

Case brief

AI extract

What is this about?

The Appellate Tribunal addressed two applications under the Prevention of Money-Laundering Act. It recorded notice and time limits for reply to a fresh appeal. Regarding a stay petition challenging confirmation of asset attachment, the Tribunal was informed of potential impact on an operational hydro plant and granted liberty to file reply while delaying status quo considerations. Disposition rema

What did the court decide?

Liberty to file reply granted; status quo maintained on immovable property pending review; appeals listed and replies invited within time limits.

FPA-PMLA-1576/ HYD/2016 of M/s Sandur Power Company Pvt. Ltd. v/s… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-2993/HYD/2016 (Misc.) MP-PMLA-2992/HYD/2016 (Stay) FPA-PMLA-1576/ HYD/2016

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M/s Sandur Power Company Pvt. Ltd.

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… Appellant/Applicant

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Versus

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The Joint Director … Respondent Directorate of Enforcement, Hyderabad

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Advocates/Authorized Representatives who appeared

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For the appellant : Sh. Siddharth Luthra, Sr. Advocate Sh. Raghenth Basant, Advocate For the respondent : Sh. S.A. Saud, Advocate CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN SHRI KAUSHAL SRIVASTAVA : MEMBER SHRI ANAND KISHORE : MEMBER

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ORDER 07.02.2017

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FPA-PMLA-1576/ HYD/2016

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Fresh appeal has been filed by the appellant. Issue notice to the respondent. Mr. S.A. Saud, learned counsel for the respondent accepts notice and seeks time to file the reply. Let the reply be filed within six weeks with an advance copy to the learned counsel for the appellant who may file the rejoinder within four weeks thereafter.

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List for consideration on 15^th May, 2017, the date already fixed in other matters. Both the parties are allowed to file the written synopsis on or before next date of hearing.

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MP-PMLA-2992/HYD/2016 (Stay)

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While passing the impugned order, the Adjudicating Authority has confirmed the attachment of the Provisional Attachment Order dated 29^th June, 2016. The details of the same are given as under:-

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FPA-PMLA-1576/HYD/2016

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Page 1 of 3

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Immovable Properties:

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Sl. No.	Description of theproperty	Amount	Name of theparty
1.	Tangible Fixed Assets as	118,49,71,259	M/s Sandur Power
	detailed in the Audited Balance Sheet for 2013-14		Company Pvt. Ltd.

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Movable Properties:

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Sl. No.	Description of theproperty	Amount	Name of theparty
2.	124,500 Equity Shares of the face value of Rs. 10/- of M/s Reliance Industries Ltd. as detailed in Audited Balance Sheet of 2016-14 of M/s Sandur Power CompanyPvt. Ltd.	9,82,60,306	M/s Sandur Power Company Pvt. Ltd.
3.	105,000 Equity Shares of face value of Rs. 1/- of M/s NMDC Ltd. as detailed in Audited Balance Sheet of 2013-14	1,23,42,457	M/s Sandur Power Company Pvt. Ltd.
4.	70,000 Equity Shares of face value of Rs. 1/- of M/s Cairn India Ltd. as detailed in Audited Balance Sheet of 2013-14	2,01,60,675	M/s Sandur Power Company Pvt. Ltd.

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A specific statement has been made by the appellant that the Provisional Attachment Order passed on 29^th June, 2016, the equity shares as per the detail mentioned in Sr.No. 2,3 & 4 were disposed off in July 2014. With regard to the immovable property which is in Sr. No. 1, it is stated that in case the possession of the said property is taken by the respondent it will have the serious affect to the appellant as the attached property includes an operational 36.5 NW hydroelectric generation plant. The learned counsel for the appellant states that the property as per the impugned order has already been attached. The appellant undertakes not to dispose off the said plant in any manner directly or indirectly to the third party.

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Mr. S.A. Saud, learned counsel for the respondent is opposing the prayer made in the present application. Let the reply be filed within two weeks. List this application for consideration on 7^th March, 2017. Till

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FPA-PMLA-1576/HYD/2016

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Page 2 of 3

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the next date of hearing, the status quo shall be maintained by both sides pertaining to the immovable property as per Sr. No. 1. The respondent is also granted liberty to file reply to the stay application by the next date.

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Copy of the order be given ‘ dasti’ to both parties.

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(Justice Manmohan Singh) Chairman

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(Kaushal Srivastava) Member

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(Anand Kishore)

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Member

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New Delhi, 7^th February, 2017