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TMI Blog2019 (9) TMI 1390X X X X Extracts X X X X X X X X Extracts X X X X ..... . No. 3638 of 2018 vide order of this Tribunal dated April 26, 2019. M. A. No. 1576 of 2019 has been filed alleging that R. C. Bawa, on several occasions, had wilfully disobeyed the order of this Bench dated December 3, 2018 by transferring money from his bank accounts to his wife and daughter, i. e., Mrs. Asha Kiran Bawa and Ms. Aakansha Bawa. She was restrained, in terms of the order of this Tribunal dated December 3, 2018 as modified by order dated January 16, 2019 from mortgaging or creating charge or lien or creating third party interest or in any way alienating, the movable or immovable properties owned by her, including jointly held properties and dealing with securities in any company. 3. Ms. Aakansha Bawa has stated that the amount transferred from R. C. Bawa to her, were the proceeds of redemption of securities, that is duly reflected in the Income-tax return of R. C. Bawa. It is contended that these securities are said to be kept as savings, to be utilized for the marriage ceremony of Ms. Aakansha Bawa. It is stated that a week before the order dated December 3, 2018 R. C. Bawa has issued instructions on November 26, 2018 to redeem the said securities to arrange funds f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut upon knowing the application for attachment. Further, it is submitted that the order dated December 3, 2018 was not passed by the time, when the impugned transfers were made, and therefore, such transfers, being made before the passing of the order dated December 3, 2018 are not per se wilful disobedience of the said order. 7. The applicant in M. A. 2007 of 2019, Mrs. Asha Kiran is the wife of Ramesh C. Bawa, who was the ex-chief executive officer and ex-managing director of IFIN. Ms. Asha Kiran was added as respondent No. 319 in original C. P. No. 3638 of 2018 vide order of this Tribunal dated April 26, 2019 in M. A. No. 1576 of 2019, as R. C. Bawa and his family, on several instances, had wilfully disobeyed the order of this Bench dated December 3, 2018. The particular allegation against Mrs. Asha Kiran was that despite the order dated December 3, 2018 she had operated two lockers jointly held by herself and her husband R. C. Bawa on December 3, 2018 December 4, 2018 December 10, 2018 and March 27, 2019. She was further restrained, in terms of the order of this Tribunal dated December 3, 2018 as modified by order dated January 16, 2019 from mortgaging or creating charge or li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and transferring the amounts so received on liquidation of the mutual funds to his daughter's account on the morning of the day when the application for attachment was filed is not a coincidence but an attempt to transfer the proceeds of misfeasance to the account of his daughter. It is submitted that the mala fides of Ms. Aakansha Bawa is clearly demonstrated in her application as it does not indicate the details of when her wedding is scheduled, the expenses of her wedding, the persons to whom the said amount is paid and the reason for expediting liquidation of mutual fund units and the hurried transfer of its proceeds to the bank account of Ms. Aakansha Bawa. It is further submitted that the Serious Fraud Investigation Office (SFIO) which is ceased of an investigation into the matter has submitted two reports and has filed a complaint before the Special judge against the fraud perpetrated by R. C. Bawa. There is a direct link between Ms. Aakansha Bawa and IFIN as the proceeds of misfeasance which was transferred from the account of an ex-director of IFIN on the same day as an application was filed and served on R. C. Bawa. 12. The respondent has filed its affidavit in repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dship" being caused as the lockers are said to contain only jewellery that was used for social/wedding purposes and inability to attend social/ wedding functions, wearing the jewellery cannot constitute grave hardship. The respondent has denied the submissions of the applicants that on December 3, 2018 only one application was served to R. C. Bawa and further submitted that in any event, the said application was enough to give wind of the fact that injunctive reliefs would be sought against R. C. Bawa. 14. The respondent has submitted that, on their request, Serious Fraud Investigation Office (SFIO) has highlighted the beneficial interest of both the applicants in the fraud perpetrated on IL and FS/IFIN in its letter dated July 8, 2019. It is stated in the letter that Mrs. Asha Kiran received an approximate amount of Rs. 27.67 crores from R. C. Bawa. Mrs. Asha Kiran Bawa transferred money to AAAB Infrastructure P. Ltd., and AAA Infosystem P. Ltd. Further, the letter discloses that both the applicants are/were directors in AAA Infosystem P. Ltd., and Mashobra Farms P. Ltd. Where R. C. Bawa has given unsecured loans of Rs. 12,98,97,500 and Rs. 58,00,000 respectively. 15. The letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany petition. 17. Heard the argument of learned counsels for the parties and perused the record. 18. M. A. Nos. 2006 and 2007 of 2019 has been filed by Ms. Aakansha Bawa and Mrs. Asha Kiran Bawa respectively seeking among other things, recall of our order dated April 26, 2019 allowing their impleadment in C. P. No. 3638 of 2019 and further imposing restrictions in terms of a restraining order. 19. These MAs have been filed under the order of the hon'ble National Company Law Appellate Tribunal passed in Company Appeal No. 115 of 2019 whereby the hon'ble National Company Law Appellate Tribunal has directed to the applicants to move before this Tribunal for vacation or modification of the interim order dated April 26, 2019. The hon'ble National Company Law Appellate Tribunal has further given direction that if such direction is preferred by the applicants before the Tribunal, the Tribunal will decide the same uninfluenced of its earlier order or in order passed by this Tribunal in other appeals. 20. In our order, this Bench has observed that "On perusal of the record, it is clear that the amount from the account of Ramesh C. Bawa (respondent No. 315) has been transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e operation of an order which expressly attaches/freezes jointly held property including movable assets such as the locker and the contents thereof. This application demonstrates that the applicant has acted in wilful defiance of the orders of this Tribunal to surreptitiously remove the proceeds of Ramesh C. Bawa's misfeasance. 25. The Union of India has also raised the objections that since the applicant has in the present application failed to provide : (i) the details and particulars of what is contained in the lockers and what is the source of the assets in the lockers to substantiate the alleged contention that the locker only contains "Stree Dhan". (ii) proof from either bank to substantiate her alleged contention that only the applicant accessed the locker. (iii) make necessary averments about what was removed from the locker on December 3, 4, and 10, 2018 and March 27, 2019 and for what purpose and whether it was returned to the locker after use. 26. Director (Prosecution and Legal), appearing on behalf of Union of India has also emphasized that the applicant has stated that has there been any wrongful intention, then she would have cleared the locker on the ver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structure P. Ltd., and AAA Infosystem P. Ltd. (ii) The applicant and her daughter are directors in companies AAA Infosystem P. Ltd., and Mashobra Farms P. Ltd., where Bawa has given unsecured loans of Rs. 12,98,97,500 and Rs. 58,00,000 respectively. 31. A copy of the SFIO letter is annexed with the objections of Union of India as exhibit B. 32. The Union of India has also filed a copy of the e-mail dated July 15, 2019 which shows that SFIO has informed Director (Prosecution and Legal) by e-mail dated July 15, 2019, i. e., date of hearing, that with regard to the Income-tax return of Ms. Aakansha Bawa, it is gathered that no Income-tax returns were filed by her till date as confirmed verbally by her and her brother. However, the e-mail sent to them for submitting Income-tax return is still unanswered. 33. This e-mail has been sent by Rajesh Kumar T., Assistant Director (Cost), SFIO, MCA. From the above e-mail, it is also gathered that Ms. Aakansha Bawa is not filing her Income-tax returns. Ms. Aakansha Bawa has stated in her application that the bank statement of Ramesh C. Bawa reflects the amount being credited from the redemption of various securities and the same is transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x payee and she has not given the details of the source of income. It is an undisputed fact that SFIO is investigating into the affairs of IL and FS and IFIN wherein about Rs. 91,000 crores have been siphoned off, and Ramesh C. Bawa is in judicial custody about this case. 40. Mr. Sanjay Shorey, Director (Prosecution and legal) has emphasised that if the amount which has been siphoned off in IL and FS and IFIN is to be recovered, then it is necessary to freeze the accounts from where the siphoned off money have been transferred, otherwise the case will remain only ornamental. If there is no freezing of the accounts, then the siphoned off money will be out by the beneficiaries in whose account the siphoned off money has been transferred. 41. It is further stated that if the applicants are not a party in the case, then no restraint order can be passed against them and they will get the benefit of transferring the money and disposing of the other properties. 42. It is also emphasized by Union of India that SFIO is investigating on the huge details of the properties which have been acquired from the funds received from R. C. Bawa, who was a direct connection with IFIN. 43. It is per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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