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2016 (7) TMI 1617 - HC - Money LaunderingFailure on the part of Geodesic to redeem an amount on maturity date of Zero Coupon Bonds - siphoning of funds - amount misappropriated and / or siphoned off by the Respondent Company through its Directors - false statement had been made to this Court that the amount in excess of ₹ 1,000 Crores was available as deposited in the accounts of overseas subsidiaries - HELD THAT:- Today, this Court in Chamber, initially in the presence of all Advocates explained the importance of the role of these responsible high ranking officers, in a matter of this magnitude, which, borrowing the words of the Hon'ble Supreme Court, needs to be viewed seriously, and is considered as a grave offence, affecting the economy of the country as a whole, thereby posing a serious threat to the financial health of the country. This Court also pointed out to the Officers (of the ED & EOW) that though the Court appreciates the efforts made by the Agencies headed by them in tracing the funds, the creditors of the Company have till date been unable to even see a ray of hope as far as receiving the amounts which Geodesic (now under provisional liquidation), had promised to return to them. The Officers present before this Court informed the Court that they were extending their best efforts towards achieving this end, and as set out in their Confidential Reports were making all efforts to trace the funds which have been siphoned off / misappropriated by the Directors of the Company. The Officers once again assured the Court that they would do their best in the matter and would endeavor to bring back into the coffers of the Official Liquidator appointed by this Court as the Provisional Liquidator of Geodesic, the huge sums of money belonging to the Company and at present lying abroad. They submitted that they would submit their further report within a period of two weeks from today, to this Court. Since the present Order was required to be dictated and signed, the papers in the matter were retained in the Chamber - Stand over to 11th August, 2016.
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