9911796707
TMI Blog2022 (4) TMI 1449X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Petitioner and comprises of data pertaining to ledger accounts, expenditure, remittances, receivables, payables, related party transactions, fixed assets, etc. States that due to the impugned orders, the Petitioner has defaulted in making payment of statutory dues like GST and TDS. He also states that the Petitioner has not been able to pay salary to its 400 (approx.) permanent employees and 190 contractual employees as well as clear dues of its vendors/ suppliers. This Court is of the view that the present matter requires a detailed examination. Petitioner shall prepare a Fixed Deposit Receipt of Rs.100 crores in DBS Bank Account No.820200251860, which shall be renewed automatically from time to time. A photocopy of the said FDR sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r day-to-day operational expenses and continuity of business operations was rejected. 3. Mr. Arvind Datar, learned senior counsel for the Petitioner states that over Rs.1500 crores of funds of the Petitioner have been attached resulting in severely constricting the business and operations of the Petitioner in a completely disproportionate manner. He submits that the impugned attachments are beyond Section 132 (9B) of the Act inasmuch as the twofold conditions i.e. existence of 'reasons' and 'necessity' to undertake the attachment for the purpose of 'protecting the interest of revenue' are not satisfied. He emphasises that, as of now, there is no demand against the Petitioner. 4. Mr. Datar states that Section 132 (9B) of the Act further re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b Hossain, learned counsel accepts notice on behalf of the Respondents. He states that the holding company of the Petitioner as well as its sister concern is situated abroad. He emphasises that the Petitioner has not granted access to its books of accounts to the officials of the respondents and has repatriated Rs.750 crores to its holding company in the last year. 7. In rejoinder, Mr. Datar states that the Respondents have been granted complete access to the Company's Accounting Enterprise Planning (ERP) system. He states that ERP system is a primary source of transaction undertaken by the Petitioner and comprises of data pertaining to ledger accounts, expenditure, remittances, receivables, payables, related party transactions, fixed asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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