TMI Blog2019 (8) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... sted/remitted to M/s. Sterlite Industries (India) Limited etc. in India and because some of the Directors are common to both the companies, it has been held that this money has actually been funded by M/s. Sterlite Industries (India) Limited to M/s. THL and then back to M/s. Sterlite Industries (India) Limited. HELD THAT:- There is no prima facie evidence, documentary or otherwise on which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Smt. Ananya Ray Member For the Appellants : Shri R.S. Gill, Advocate, Shri Mohd. Saqib, Advocate For the Respondent : Shri Prashant Pandey, Legal Consultant JUDGMENT FPA-FE-957-960/MUM/2008 1. Four appeals have been filed by the above appellants against the impugned order SDE/SKP/III/170/2004 dated 03.08.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... since M/s. THL was having a capital of only US$ 100, the source of funding by THL was held to be a suspect. He also stated that the entire case is based on allegations against M/s. THL but not against the noticees and that no show cause notice or any other proceedings were held against M/s. THL. In such a situation holding the present appellant company and its Directors liable for action under FER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the impugned order, the crux of the matter is that an allegation is made that M/s. THL have not provided any documents to prove the source of funds which they have invested/remitted to M/s. Sterlite Industries (India) Limited etc. in India and because some of the Directors are common to both the companies, it has been held that this money has actually been funded by M/s. Sterlite Industries (In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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