FPA-PMLA-1577/ HYD/2016 of M/s Silicon Builders Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

ATFP7 Feb 2017FPA-PMLA-1577/ HYD/2016

Case brief

AI extract

What is this about?

Order in a fresh money laundering appeal acknowledging notice issuance and setting timelines for reply and rejoinder. Includes discussion on stay application regarding provisional attachment of immovable and movable properties, directing maintenance of status quo and filing of affidavits.

What the court decided

AI extract

FPA-PMLA-1577/ HYD/2016 of M/s Silicon Builders Pvt. Ltd. v/s The… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-2995/HYD/2016 (Misc.) MP-PMLA-2994/HYD/2016 (Stay) FPA-PMLA-1577/ HYD/2016

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M/s Silicon Builders 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. Niranjan Reddy, 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-1577/ 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-2994/HYD/2016 (Stay)

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While passing the order the Adjudicating Authority confirmed the Provisional Attachment Order dated 29^th June, 2016 in respect of the following properties:-

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FPA-PMLA-1577/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 of M/s Silicon Builders Private Limited as detailed in the audited balance sheet for 2013-14 (include Company’s assets – Land & Building constructed at Sy No. 195 Corporation No. 34, PID No. 99-1-34, 2^ndMain Road, Sadashiva Nagar, Bengaluru & 1 acre 30 guntas land at Sy No. 13/2, Harohalli, Yelhanka, Bangalore, Karnataka)	9,06,50,029	M/s Silicon Builders Pvt. Ltd.

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Movable Properties:

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Sl. No.	Description of theproperty	Amount	Name of theparty
2.	1,50,00,000 Equity Shares of Rs. 10/- each of M/s Bharati Cement Corporation Private Limited	15,00,00,000	M/s Silicon Builders Pvt. Ltd.
3.	FD No. 11183031004486	23,00,000	M/s Silicon Builders Pvt. Ltd. (Maintained with Oriental Bank of Commerce, Koramangala Branch, Bangalore)

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With regard to the property no. 3, the FD is already attached by the Adjudicating Authority. The learned counsel for the appellant undertakes that the appellant shall not part with or encash the said FD till the next date of hearing.

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With regard to Sl.No. 2 he submits that the said all equity shares have already been attached by the order of the Adjudicating Authority. The appellant shall not dispose off the same or create third party right in any manner directly or indirectly. Pertaining to the property no. 1, he submits that the appellant is not generating any income from the said property. The said prayer is opposed. Let the affidavit in this regard be filed within two weeks from today with a copy to the learned counsel for the respondent and the Zonal Office. The learned counsel for the

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FPA-PMLA-1577/HYD/2016

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Page 2 of 3

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respondent will verify the same who will file the reply on or before next date, if necessary. We may pass the appropriate order after filing of the affidavit and reply. Till the next date of hearing the parties shall maintain status quo subject to the condition that the appellant shall not dispose off or part with or create any third party rights in the said property till further order of this Tribunal. The respondent is also granted liberty to file reply to the stay application by the next date.

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List on 7^th March, 2017.

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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) Member

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New Delhi, 7^th February, 2017

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‘R’

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FPA-PMLA-1577/HYD/2016

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FPA-PMLA-1577/ HYD/2016 of M/s Silicon Builders Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

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FPA-PMLA-1577/ HYD/2016 of M/s Silicon Builders Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

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