9911796707
TMI Blog2019 (8) TMI 1774X X X X Extracts X X X X X X X X Extracts X X X X ..... be found fault with. The appellate tribunal has rendered the above decision by considering the materials available on record. However, we find that a specific averment has been raised by the appellate in the complaint that the total amount of ₹ 4,60,94,825.97 is also the proceeds of the crime. The final adjudication in this matter is to be done by the trial court which is ceased of the matter. The order passed by the appellate tribunal stands modified. The respondents in both the appeals shall furnish either bank guarantee or immovable property security to the satisfaction of the adjudicating authority forthwith for a sum of ₹ 3,63,00,825.97. In other respects, the order passed by the appellate tribunal stand confirmed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not rebutted by the respondent. Still further, the observation of the Appellant that no action had been taken against the remaining 6 entities to whom the remaining part of overall amount of ₹ 19,26,60,992/- has been alleged to have been transferred was not rebutted by the respondent. During the course of hearing, the respondent could not place on record any other transaction apart from the transactions of ₹ 46,69,000/- and 51,25,000/- in respect of two appellants in the instant case against the overall amount of ₹ 4,60,94,825.97 attached in respect of the present two Appellants. The argument of the respondent that there are strong corroboratory evidences including statements indicating that there was no sale of gold (orna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that he received 60% of amount for a total of ₹ 46,69,000/-. Further, a sum of ₹ 51,25,000/- was transferred from the account of the some other person (Future Techniks Limited) involving Mr.Sukash Chandra Shekar by using the same modus operandi. The appellate tribunal was pleased to pass the order referred to above inter alia holding that even the statement of Mr.Sukash Chandra Shekar was only to the effect that he did not receive any gold from the respondents in both the appeals before us and, therefore, the aforesaid amount is liable for attachment. Similar is the case with respect to the further amount of ₹ 51,25,000/-. 5. The learned Additional Solicitor General would, therefore, submit that after having accepted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tribunal's findings in this regard cannot be found fault with. The appellate tribunal has rendered the above decision by considering the materials available on record. However, we find that a specific averment has been raised by the appellate in the complaint that the total amount of ₹ 4,60,94,825.97 is also the proceeds of the crime. The final adjudication in this matter is to be done by the trial court which is ceased of the matter. To resolve this, we would only direct the respondents to either furnish a bank guarantee or immovable property security for the remaining amount subject to the final decision by the trial court in this regard. We feel that it would take care of the interests of both the appellant as well as the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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