Disposed

FPA-PMLA-2150/MUM/2018 of Mr. Milind Nensukh Desarda v/s The Deputy Director Directorate of Enforcement, Mumbai

ATFP12 Jul 2019FPA-PMLA-2150/MUM/2018

Case brief

AI extract

What is this about?

The Chairman, Adjudicating Officer upheld the Official Liquidator's report detailing fraudulent siphoning of funds. The liquidator is allowed to recover funds via property attachment while cooperating with investigating agencies. Matters were listed for further hearing with interim orders continuing.

What did the court decide?

Updated permission granted to Official Liquidator to recover funds; interim orders continued till next hearing; matter listed for September 27, 2019.

FPA-PMLA-2150/MUM/2018 of Mr. Milind Nensukh Desarda v/s The… — Money Laundering | ATFP (2019)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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1. MP-PMLA-5425/MUM/2018 (Stay) MP-PMLA-4231/MUM/2018 (Stay) MP-PMLA-4232/MUM/2018 (Exem.) FPA-PMLA-2161/MUM/2018
M/s. Samruddha Jeevan Foods India Ltd. …	Appellant
2. MP-PMLA-4233/MUM/2018 (Stay) MP-PMLA-4234/MUM/2018 (Exem.) FPA-PMLA-2162/MUM/2018
M/s. Prosperity Agro India Ltd. …	Appellant
3. MP-PMLA-4235/MUM/2018 (Stay) FPA-PMLA-2166/MUM/2018
M/s. Samruddha Jeevan Multi-State …	Appellant
4. MP-PMLA-4217/MUM/2018 (Stay) FPA-PMLA-2152/MUM/2018
Suvarnamudra Promoters & Developers Pvt. Ltd. …	Appellant
5. MP-PMLA-4214/MUM/2018 (Stay) FPA-PMLA-2150/MUM/2018
Mr. Milind Nensukh Desarda …	Appellant
Versus
The Deputy Director
Directorate of Enforcement, Mumbai …	Respondent

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Advocates/Authorized Repres	entatives who appeared
For the Appellant nos. 1 to 3	: Mr. Soumen Banerjee, Advocate
For the Appellant no. 4	: Ms. Prerana Amitabh, Advocate
For the Appellant no. 5	: Mr. Akhilesh Singh, Advocate
	Mr. Denial Panmaie, Advocate
For the Official Liquidator	: Mr. Satish S. Shirsagar, O. L.
	& Mr. R.B.S. Chauhan

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FPA-PMLA-2150, 2152, 2161, 2162 & 2166/MUM/2018 Page 1 of 3

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: Mr. Naveen Kr. Matta, Advocate

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For the Respondent

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CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN

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ORDER

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12.07.2019

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FPA-PMLA-2150, 2152, 2161, 2162 & 2166/MUM/2018

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Hon’ble Member is on leave. The Chairman has taken up the matters on his behalf for the purpose of direction.

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Official Liquidator Mr. Satish S. Kshirsagar, who appeared in person, has filed a status report dated 11.07.2019, the relevant extracts

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of the report are as under:-

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“ 4. That soon after appointed as Official Liquidator, undersigned has taken charge of the Appellant No.3 Society and possession of its properties also. Copy of charge taking document is being filed herewith as Annexure LD/3.

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That having been gone through the official data, records and accounts, undersigned has found that more than twenty lakhs investors have been allured and invested their hard earnings in the Society and many lakhs of them have been turn converted from other two companies i.e. Appellant No. 1 & 2 as they have given investment certificates of the society in exchange of the certificates of these two companies without any monetary transactions and many of them partly invested in aforesaid two companies and partly in society, (Appellant No. 3).

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That by converting certificates of investments from appellant no.1 & 2 companies to the society, appellant no. 3 and paying them the returns from the accounts of the society only created huge siphoning of funds from the society. For this very reason, the Official Liquidator having lien/charge on the aforesaid companies to protect the interest of poor investors. Copy of Account statement regarding appellant no. 1 & 2 is filed herewith as Annexure LD/4.

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The undersigned Liquidator has also found siphoning of funds in many other companies also in which appellant no. 4 & 5 are interlinked.

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That, for aforesaid reasons stated in aforesaid paras, Official Liquidator has attached number of movable and immovable properties. List of attached properties is being annexed herewith as Annexure LD/5.

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FPA-PMLA-2150, 2152, 2161, 2162 & 2166/MUM/2018 Page 2 of 3

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That although the other authorities like ED, SEBI, CBI having their rights and jurisdiction up to the extent of Acts and Laws concerned but no one of all other authority is having remedy towards poor investors to refund them amount in ratio. It is only the Official Liquidator who can provide such remedy to more than twenty lakhs poor investors under the provisions of MSCS Act 2002.

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That number of properties has been already let in lease and rent but due to fear and threat of ED some of them have separated themselves and we confirm that only two namely Hotel Orchid & Orchid Resort are depositing its rent in the account of the Liquidator.

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In the light of aforesaid contention undersigned is much capable to attach, recover and sale the properties to return the amount of investors in ratio and ED should not come on the way of liquidation, saving interest of poor investors and undersigned liquidator will always support all investigating authorities in their investigation done by them i.e. ED, CBI, CID, SFIO etc. ”

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He has also filed an application for impleadment in the matter. Let

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the same be filed in the Registry during the course of the day.

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List these matters on 27^th September, 2019.

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Interim order will continue till the next date of hearing.

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Learned counsel for the appellant seeks time to inspect the report

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and to prepare the matter.

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(Justice Manmohan Singh) Chairman

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New Delhi, 12^th July, 2019

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‘AS’

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FPA-PMLA-2150, 2152, 2161, 2162 & 2166/MUM/2018 Page 3 of 3

FPA-PMLA-2150/MUM/2018 of Mr. Milind Nensukh Desarda v/s The Deputy Director Directorate of Enforcement, Mumbai

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FPA-PMLA-2150/MUM/2018 of Mr. Milind Nensukh Desarda v/s The Deputy Director Directorate of Enforcement, Mumbai

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