9911796707
TMI Blog2018 (10) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... r, CBI against M/s.Global Steel Holding Ltd. (in short GSHL), M/s. Global Steel Philippines Inc. (in short GSPI) and STC officials, a case was registered by the CBI on 16th March, 2017 inter alia against the senior officers of STC including its the then CMD, Chief Marketing Manager, Chief Finance Manager, Chief General Manager etc. besides GSHL and GSPI, Pramod Kumar Mittal, the then Chairman, GSHL/GSPI and the then CEO, GSPI for commission of offences punishable under Section 120-B and 420 IPC and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988 (in short PC Act). On 29th March, 2017, the Enforcement Directorate recorded an ECIR being ECIR/03/DZ-I/2017 for commission of scheduled offences under the Prevent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curities by transferring/selling them without STC's knowledge. Though the raw material/finished material was kept under the custody of Collateral Management Agency at stock yard nominated by GSWII/GSPI no physical verification of the stock was done by the STC officials. 3. In November 2011, GSHL and GSPI proposed to settle the dues with STC through conciliation proceedings and conciliation agreement dated 15th November, 2011 was entered into which was not adhered to by GSHL and GSPI and a further settlement agreement was entered into on 17th May, 2012 which also GSHL and GSPI failed to pay to STC. As per the complaint it was revealed that GSHL had made the investment in equity shares of Balasore Alloys Ltd. (in short BAL) besides 16 other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares can be attached however, no assets of the company BAL which is an independent legal identity can be attached. The learned adjudicating authority listed the matter for final arguments on 21st May, 2018 vide its order dated 26th April, 2018. 5. Challenging the show cause notice dated 1st February, 2018 issued on 5th February, 2018 and the order of the adjudicating authority dated 26th April, 2018 listing the matter for final hearing the respondent preferred an appeal before the Appellate Tribunal. The main ground urged by the respondent in the appeal under Section 26 of the PMLA was that the show cause notice in the complaint was not maintainable and that the accused in the predicate offences and the ECIR recorded by the Enforcement Dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of jurisdiction having been raised by the respondent before the adjudicating authority, the same be decided in the first instance by the adjudicating authority before deciding the penalty on merits. Ordered accordingly. 9. Learned counsel for the respondent states that since the respondent had filed the appeal limited to the extent of jurisdiction of the adjudicating authority, the respondent will withdraw its appeal before the Tribunal and urge the jurisdictional issues before the learned adjudicating authority with liberty to challenge the order passed by the adjudicating authority, if need arises and if so advised. 10. Learned counsel for the petitioner states that this order of consent, on instructions from the competent authority, m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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