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2019 (9) TMI 428

..... respect of charges under section 467, 468 and 471, IPC - allocation of the coal block - HELD THAT:- The investors have invested in the shares of the Appellant company due to the coal allocation and coal linkage (allocation). Adjudicating Authority’s reading of the aforesaid Statements has gone behind the said Statements and amounts to disbelieving the same, without any factual basis or material to the contrary. The aforesaid statements recorded under section 50 of the PMLA have been duly signed and affirmed by the persons giving the statement. The proceedings under Section 50 PMLA are deemed to be judicial proceedings within the meaning of Section 193 and Section 298 of the IPC. The aforesaid Statements have not been disputed by the ED who even has relied upon documents in support of the said OC as well as in Show Cause Notice. The Adjudicating Authority cannot disbelieve the statements of the investors or to interpret them its own matter. The same is not permissible in law - the Adjudicating Authority has gone beyond the material before it to arrive at the finding that the Appellant and/or the other Defendants in the said OC invited investors/public to invest in the Appellan .....

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..... . Facts 2. On the basis of a reference from the Central Vigilance Commission, New Delhi vide its letter bearing number 012/COL/020/1716 dated 13.04.2012, it appears that the Central Bureau of Investigation ( CBI ) initiated a Preliminary Enquiry, which culminated in the registration of an FIR bearing number RC- 219-2013-E-0002 dated 08.03.2013 under section 120B read with Section 420, IPC against (i) M/s Jharkhand IspatPvt. Ltd., (ii) Shri R.S. Rungta; (iii) Shri R.C. Rungta and (iv) other Directors of M/s Jharkhand IspatPvt. Ltd., with CBI/EO-I/New Delhi (hereinafter referred to as the said FIR ). 3. On the completion of the investigation conducted pursuant to the said FIR, the CBI filed a Final Report under section 173, Cr.P.C., bearing number 06/2014 dated 12.11.2014 under section 120B read with sections 420, 467, 468 & 471 of the Indian Penal Code before the Ld. Special Judge (PC Act) (CBI)- 7, New Delhi District, Patiala House Courts, New Delhi (hereinafter referred to as the said Charge-sheet ), arraigning (i) M/s Jharkhand IspatPvt. Ltd., (ii) Shri R.S. Rungta (iii) Sri R.C. Rungta, (iv) ShriRamabatarKedia and (v) ShriNareshMahto as Accused. The appeal against the said o .....

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..... ein be de-allocated. That, on 14.02.2014 the Coal Block allocated to the Appellant herein (i.e., the North Dhadu Coal Block ) was de-allocated with effect from 22.11.2012. 3.5 It was alleged in the said Charge-sheet that the Appellant had misrepresented on a number of aspects before the MoC and the 27th Screening Committee so as to inflate its claim and to thereby induce the Screening Committee and the MoC to allocate a Coal-Block to them. 4. Consequent to the said Charge-sheet and the trial conducted by the Special Judge (PC Act) (CBI)-7, New Delhi District, Patiala House Courts, New Delhi, vide Final Order and Judgment dated 28.03.2016, the Appellant along with Shri R.C. Rungta and Shri R.S. Rungta were held guilty of the offences under sections 120B read with 420, IPC; and were acquitted in respect of charges under section 467, 468 and 471, IPC. 5. The above Judgment dated 28.03.2016 has been challenged by the Appellant before the Hon ble Delhi High Court, being Criminal Appeal No. 714/2016. The said Appeal has been admitted vide Order dated 01.08.2016 passed by the Hon ble Delhi High Court. 6. It appears that during the pendency of the aforesaid proceedings by the CBI, the Comp .....

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..... e predicate agency, there appears a prima facie case of offence of Money Laundering as defined under s. 3 of the PMLA.After registration of the said ECIR, the Respondent No. 1 appears to have carried out investigation under the provisions of PMLA and recorded the submissions of various individuals and/or companies, which are part of Respondent No. 1 s Relied Upon Documents. 9. Thereafter on, 23.09.2016, the Appellant received the Provisional Attachment Order No. 01/2016 dated 15.09.2016 (hereinafter referred to as the said PAO ) whereby the Complainant/Respondent No. 1 herein attached various immovable properties of the Appellants herein, as detailed in Annexure A to the said PAO. 10. In the PAO, the Respondent has categorized the Share Application money ( SAM ) received by the Appellant herein from various individuals/companies/entities as the Proceeds of Crime generated from the Scheduled Offence of Sections 420 and 120B, IPC. It has been alleged that the Appellant herein received the SAM amounting to ₹ 25,00,00,000/- (Rupees Twenty Five Crores Only), from the period 2004-05 to 2008-09, and that this has been received due to the coal block allotted to the Appellant herein a .....

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..... ry of Coal and 27th Screening Committee as to inflate its claim. Therefore, the appellants were held guilty of the offence under Section 120B and 420 IPC. Against the conviction order, the appeal is pending for disposal. 16. We do not wish to express any opinion on finding arrived with regard to schedule offence, if committed by the appellant. The said issue is sub-judice before the High Court, the same was passed on different issuesand the same has to be decided as per its own merit.Our only concern in these appeals is as to whether attachment order passed is sustainable in law or not and/or as to whether the investment is made from the public money or not. Further, as to whether merely investment in the company is proceed of crime or not, or it amounts to money laundering. PMLA proceedings 17. ECIR bearing number ECIR/02/RSZO/2014 registered by the ED on 29.04.2014 on the basis of registration of FIR on 8.3.2013. It is admitted position that the coal allocations including the allocation to the appellant cancelled by the Hon ble Supreme Court in W.P(C) No. 120/2012 passed on 25.08.2014. Charge-sheet qua the Scheduled Offences filed by CBI on 12.11.2014. 18. After registering ECIR, .....

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..... he above BG by way of speed post since the ED refused to accept the same by hand. The appellants were directed to file an affidavit, which was filed by the appellants before this Tribunal on 9.1.2018. The ED returned the Bank Guarantee under cover of letter dated 15.01.2018, on the ground that the main appeal is coming up for hearing on 17.01.2018. By order dated 17.01.2018, this Tribunal directed as under:- Parties to maintain status quo as on the last date of hearing i.e. 21.12.2017. Liberty was granted to ED to move Application in case it was agreeable to receive FDR of ₹ 2 Crores, without prejudice. Interim Order was directed to continue 25. The main case of the respondent is that the appellants have received huge money on the basis of allocation of coal linkage. Since the allocation was obtained from Government by making misrepresentation, therefore, any investment made on the basis of impugned coal linkage amounts to proceed of crime. Therefore, the impugned order is sustainable in law. 26. It is the ED s case that Appellant received SAM of ₹ 25 cr. (which it has categorized as Proceeds of Crime ) due to the allocation of the coal block. However, it is a matter of .....

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..... s. I am shareholder and director of Sri Durga Cement Co. Ltd. in which R.C Rungta is the director. vi) Please give details of source of fund used for purchase of shares of JIPL in the Feb 2009-2010 and provide the statement of accounts from which the payment were use to JIPL for purchase of shares? Ans. The above details has already been submitted to you through letter dated 21.3.2011. vii) Please state the reason of purchase of Jipl shares on such high premium of ₹ 150/- during the period 2009-10. Ans. I think premium of ₹ 150/- is not so high as the book value of a shares of JIPL which was amount ₹ 200, what I recall. In addition to this the track record of the company was increasing year by year. The further prospect was good in terms of expenses promoters. The market value of land also appreciated 3-4 times in year 2009-10. viii) Please furnish the name and address of the bankers of the company? Ans. The company is having banking with Kotak Mahindra Bank, Shyam Bank Kolkata HDFC Bank Ltd. Shree [illegible] Kolkata. ix) Please give details of other investment made by you and your family members either in individual capacity or as director/ partner/ proprietor i .....

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..... 007/08. Please give details address of the company, name of the directors and its business activities? Ans. Address of the company is Diamond Prestige Building AJC Bose Road, Kolkata. Director are myself and AshishRungta. It is also an NBFC company listed with RBI during investment business. xviii) As per the answer of question No. 2 and 17 you and your brother AshishRungta both are the directors ofLupinCommodealPvt. Ltd. and Escort Trading Pvt. Ltd. as per the list of shareholders of JIPL LupinCommodealPvt. Ltd. and Escort TradelinkPvt. Ltd. both are the share holders of Jharkhand IspatPvt. Ltd. as on 31 March 2005 and M/s Escort Trademark Pvt. is the shareholders of LupinCommodealPvt. Ltd. as on 31 March 2005. Please give reasons why Escort TradelinkPvt. Ltd. has invested money in Lupin Commanded Pvt. Ltd. when LupinCommodealPvt. Ltd. itself has invested in JIPL? Ans. As per the provisions of companies act, time was no restriction in investment in group companies so as per the need the investment were made. xix) As per your reply of question No. 18 you have told that there is a need of investment in LupinCommodealPvt. Ltd. by Escort Trademark Pvt. Ltd. Please give specific detail .....

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..... pril 2016. I have gone through my earlier statements on 12.4.2016 under Section 50 of PMLA and I confirm that given statement recorded and based on the facts disclosed by me voluntarily. Q.1. In your previous statement 12.4.2016 you have asked to provide the details of all investment made by you and your family members either in individual capacity or as a director/ partner/ proprietor of such company in immovable and movable assets as or after 11/2001 of sources of funds for the said investment. In your reply of this question you have answered that I have no details of the investment made by myself or my wife at present. Please given the details of investment as asked in above today. Ans. First of all it has been wrongly asked as I have already given the details of immovable and movable property as appearing in balance sheet of 31.3.2015 along with source of fund as appeared in computation of income. I have submitted the papers with for myself and my spouse SudhaAgarwal. Q.2. From your answer to question No. 2 it appears that either you have understood the question or you willingly not want the understand the question. In the question No.1 it has been asked you should please provi .....

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..... e was not known to me. Q.6. As per your reply to question No.5, before investment by your company M/s LupinCommodealPvt. Ltd., it was known to M/s LupinCommodeal that M/ JIPL had been allotted a coal block. Had M/s LupinCommodeal taken consideration of allotment of Coal Blok to JIPL before investment by your company in JIPL? Ans. We have invested in JIPL after studying the balance sheet of the company and visited the plant. We have already written that we have invested the money keeping production, revenue and profit in mind. We have not considered the coal block as we know that starting coal block is a very tough job in India. Q.7 In your previous statement dated 12.4.2016 you have said that before making investment by your company in JIPL, you have considered increase in production increase in revenue and increase in profit of JIPL. Whereas in reply to today s question No. 6 that you have made investment in JIPL without considering allocation of coal block to JIPL. Please clarify it. Ans. We have already said that we have not at all considered the allotment of coal block to JIPL. JIPL was running smoothly without captive mines of iron ore and coal both. And it is evident from the .....

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..... ariyaVinyogPvt. Ltd. as a director? Ans. I was inducted director in ToalasariyaVinyugPvt. Ld. dated 3.4.2010. d. Who are chairperson and Managing Director of M/s TolasariyaVinyogPvt. Ltd. please give their name and residential address? Ans. M/s ToalasariyaVinyogPvt. Ltd. do not have a chair person and nor Managing Director. e. You have shareholding/directorship in other companies of RC Rungta Group associates companies of JIPL? Ans. I am shareholder and director of Sri Durga Cement Co. Ltd. in which R.C Rungta is the director f. Please give details of source of fund used for purchase of shares of JIPL in the Feb 2009-10 and provide the statement of account from which the payment were use to JIPL for purchase of shares? Ans. The above details has already been submitted to you through letter dated 21.3.2011. g. Please state the reason of purchase of Jipl shares on such high premium of ₹ 150/- during the period 2009-10. Ans. I think premium of ₹ 150/- is not so high as the book value of a shares of JIPL which was amount 200, what I recall. In addition to this the track record of the company was increasing year by year. The further prospect was good in terms of experienced .....

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..... director at present are as below: 1. Sri Purge Cement Company Ltd. 2. Palace Projects Pvt. Ltd. 3. Escorts Tradelink Pvt. Ltd. 4. TolasariyeViniyug Pvt. Ltd. 5. Lupin Commanded Pvt. Ltd 6. Nagina Expert and Finvest Pvt. Ltd. 7. VikashFastern Pvt. Ltd. 8. Rimzim Merchants Pvt. Ltd 9. M/s Chamastika Cement of Ispat Pvt. Ltd. 10. Araanye Mines Pvt. Ltd. Rest of details will be provided later on. q. As per your reply of question No.11, you have told that the reason for investment by M/s TolosariyaViniyogPvt. Ltd. In JIPL during 2008/09 is that JIPL was growing company at that time. Please elaborately explain the meaning of growing company in the context of JIPL. Ans. Growing means increase in production capacity, income in revenue as income profits in the context of a corporate entity. In the context of JIPL as revealed through its balance sheet till the date of allotment all the three parameter were positive hence, we invested in JIPL. r. Please tell what is the profit per shares of JIPL during 2006/07, 2007/08, 2008/09? Ans. This being a question related to figures, I do not remember right now. This will be submit later on. Above statement is true and correct and given voluntarily wi .....

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..... and I have fully understood to same. i. What do you do and give details of your family along with their occupation and PAN details? Ans I am businessman and Director of Companies and I look after their working. My wife ShobhaRungta and son DarshRungta 1.5 years old my wife is a house wife. PAN of my wife is AGPPA8129F. ii. Who are directors in M/s Nagina Exports and FinvestmentsPvt. Ltd. and give this name and address? Ans. Myself and AshishRungta are directors in the company having same address. iii. When did you induct in Board of directors of M/s Nagina Exports and Finvest Ltd. As a director? Ans. I was inducted director in M/s Nagina Exports and FinvestmentsPvt. Ltd. dated 3.4.2010. iv. Who are chairperson and Managing Director of M/s Nagina Exports and FinvestLtd. Please give their name and residential address? Ans. M/s Nagina Exports and Finvest Ltd. do not have a chairperson and nor Managing Director. v. You have shareholding/ directorship in other companies of RC Rungta and associates companies of JIPL? Ans. I am shareholder and director of Sri Durga Cement Co. Ltd. In which R.C Rungta is the director. vi. Please give details of source of fund used for purchase of shares of .....

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..... NBFC company registered with RBI. This being an investment company people subscribe to share capital for increase in intend value of shares. As I have already written that JIPL was a continuous growing company showing profit in all yours. The book value of shares as of today is around 300 Rs. per shares. Apart from this the value of land and building has been increased manifold. Hence keeping in view the above points our shareholders has invested in our company for better fund management. xvi. In how many companies are / were you directors please also state the name, address of directors of those companies? Ans. I am director at present are as below: 1. Sri Purge Cement Company Ltd. 2. Palace Projects Pvt. Ltd. 3. Escorts Tradelink Pvt. Ltd. 4. TolosariyeViniyug Pvt. Ltd. 5. Lupin Commanded Pvt. Ltd 6. Nagina Expert and Finvest Pvt. Ltd. 7. VikashFastern Pvt. Ltd. 8. Rimzim Merchants Pvt. Ltd 9. M/s Chamastika Cement of Ispat Pvt. Ltd. 10. Araanye Mines pvt. Ltd. Rest of details will be provided later on. xvii. As per your reply of question No.1, you have told that the reason for investment by M/s Nagina Exports and Finvest Ltd. In Jipl during 2008/09 is that Jipl was growing compa .....

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..... p;FinvestmentsPvt. Ltd. since 2008? Ans. The relevant balance sheet for the period has already been given, continuing details of investment. Above statement is true and correct and given voluntarily without any pressure. Sd/- A.K. Rungta 23.5.2016. 35. Statement dated 12.04.2016 under Section 50, PMLA, of AlokRungta, Director of M/s Escorts TradelinkPvt. Ltd. I, AlokRungta son of Shri Ram Chandra Rungta aged about 33 years, Director of M/s Escorts TradelinkPvt. Ltd., Kolkata, presently Jharkhand for recording my statement in response to summon issued for appearance on 12.4.2016. I have been explained the provision related to summon and I have fully understood to same. a. What do you do and give details of your family along with their occupation and PAN details? Ans I am businessman, look after working of the companies in which I am director. My wife ShobhaRungta and son DarshRungta 1.5 years old my wife is a house wife. PAN of my wife is AGPPA8129F. b. Who are directors in M/s Escorts TradelinkPvt. Ltd and give this name and address? Ans. Myself and AshishRungta directors in the company having same address. c. Where did you induct in Board of directors of M/s Escorts TradelinkPvt. .....

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..... m. What is the source of funds for purchase the shares of JIPL? Ans. In answer to question 6 I have already written that it has been submitted by our letter dated 21.3.2010. n. Is the net worth of your Co. is more the amount invested in JIPL or whether you have taken loan to invest in JIPL. Ans. The network of our company is more than the amount invested in JIPL. We have not taken any loan to invest in JIPL. o. On what basis your shareholders have invested in your company at the time of your investment in JIPL. Ans. Ours is an NBFC company registered with RBI. This being an investment company people subordinate to share capital for increase in intend value of shares. As I have already written that JIPL was a continuous growing company showing profit in all years. The book value of shares as of today is around 300 Rs. per shares. Apart from this the value of land and building has been increased manifold. Hence keeping in view the above points our shareholders has invested in our company for better fund management. p. In how many companies are / were you directors please also state the name, address of directors of those companies? Ans. I am director at present are as below: 1. Sri P .....

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..... vt Ltd? Ans. Our company had applied shares from the period May 2007- July 2008 and the shares were allotted to us in April 2009. Q.4. What were the authorized capital, reserve net worth, NAV of Escorts TradelinkPvt. Ltd. for the financial year 2008-09? Ans. Authorized capital was 2.5 crore, reserve 13.83 Crore, Net worth 16.28 Crore and NAV ₹ 66 per shares as on 31st March 2009. Q.5. Please give details of investment made by Nagina Export and FinvestmentsPvt. Ltd. Since 2008-09. Ans. The relevant balance sheet for the period has already been given, continuing details of investment. Above statement is true and correct and given voluntarily without any pressure. Sd/- A.K. Rungta 23.5.2016. 37. Statement dated 23.05.2016 under Section 50, PMLA, of AbhishekRungta, Director of M/s Mohanka Exports Pvt. Ltd. I, AbhishekRungta, son of Shri Ram Chandra Rungta, aged about 34 years, Director of M/s Mohanka Exports Pvt. Ltd. Kolkata, am presenting myself before Asst. Director, Enforcement Directorate, Ranchi, Jharkhand for recording my statement in response to summon issued for appearance on 23.5.2016. I have been explained the provision related to summon and I have fully understood to .....

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..... you a xerox copy of the balance sheet containing details of investment done by myself and wife as on 31.3.2015. I may also submit a copy of computation of income source of and funds. j. Please give the copy of the above by today. Ans. I will submit the same by today itself. k. Why have you chosen JIPL to invest? Ans. JIPL is a growing company in terms of production, capacity, revenue and profitability. Right from the year 2003 up to the date of investment the company was performing very well, so we have invested in the company. l. What is the source of fund to purchase the shares of the company? Ans. Please refer to our letter in response to your letter No. ECIR/ 02/ RSZO/ 2WJ/ 373 dated 4.2.2016, this reply has already been given to you. m. The net worth of your Co. is more the amount invested in JIPL or whether you have taken loan to invest in JIPL? Ans. The net worth of our company is more than the amount invested in JIPL. We have not taken any loan to invest in JIPL. n. In how many companies are you a director? Ans. I am submitting the list of companies in which I am a director. 1. Sri Purge Cement Company Ltd. 2. MR Casting Pvt. Ltd. 3. MR Sponge Pvt. Ltd. 4. Alok Steel Indus .....

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..... d group or associated Co. of JIPL? Ans. I am not a share holder or director of any co. of R.C Rungta Group or associate company of JIPL. 6. What do you know about allocation of north dhadhu coal block in M/s JIPL? Ans. I am not so much aware of the coal block as Shri R.C. Rungta and Sri R.C. Rungta looking after the matter of coal block. However, this coal Block was allotted to JIPL in 2006 and later on in 2012 it was cancelled. Q.7. Was there any production of coal from the mines? Ans. We have not extracted any coal from the mines. Q8. Has your company benefited from allotment of north Dhadhu coal block? Ans. We have not at all benefitted from coal mines. Actually we have incurred heavy expenditure of 3-4 crores as development of this mines and got nothing. Q.9. M/s JIPL has allotted 10 lakhs shares of ₹ 100 each as on a premium of ₹ 150/- per shares. Do you know about this allotment? Ans. Yes the above shares were issued in April 2009 to various companies apart from this I do not know any thing about this allotment. Q.10. What basis the companies paid a premium of ₹ 150 per share for investment in JIPL? Ans: M/s JIPL was running from the year 2003. Every year th .....

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..... d by the ED who even has relied upon documents in support of the said OC as well as in Show Cause Notice. The Adjudicating Authority cannot disbelieve the statements of the investors or to interpret them its own matter. The same is not permissible in law. Overall view of all the statements are to be read together and then one has to come to the conclusion the finding. Therefore, the Adjudicating Authority has gone beyond the material before it to arrive at the finding that the Appellant and/or the other Defendants in the said OC invited investors/public to invest in the Appellant company using the allurement of the allocation of the coal block or its possible allocation, and that therefore, derivation of benefit from such investment would constitute proceeds of crime. At the same, even otherwise, it is a matter of fact, no investment was made by public which is not denied on behalf of respondent. In commercial, business allurement cannot be treated as money laundering unless money laundering actual happens. 41. The findingin the impugned order was based on materials beyond the record of the present case because there is nothing on record to show that the investors invested in the s .....

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..... psed after the de-allocation. However, even after de-allocation, Appellant continued to make profits and carry out its manufacturing activities. 45. Public investment is not involved in the matter. We have been informed that no investor has protested or has filed the civil suit for recovery of investment amount after cancelling the block by the Supreme Court. Even, no contrary evidence is available on record to show that the investment money was/is the tainted money. All have invested the money as per its own for many years also.There is no complaint of any nature against the appellants for allotment in order to receive the investment amount. Therefore, there is no force in the argument on behalf of the respondent that the excess amount of coal allotment was the wrongful benefit to Appellant. Even if this case is to be believed, no attempt has been made by therespondent to value this excess amount of coal allocation. The coal allocation to Appellant has been deallocated on 14.02.14 w.e.f. 22.11.2012. The coal allocation has also been cancelled by the Hon ble Supreme Court vide Order dated 25.08.2014 in W.P.(Cr) 120/2012.Therefore, the coal allocation (which at best could be the pro .....

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..... Prevention of Money Laundering Amendment Bill, 2011. As such, use, possession, concealment or acquisition of alleged POC, prior to 03.01.2013 cannot be considered to determine commission of an offence u/s 3 of PMLA. Any other interpretation would be violation of Art. 20(1) of the Constitution. 49. It is stated on behalf of appellants that these proceedings are civil in nature, the provisions contained in PMLA. The same cannot be applied retrospectively in the absence of an express provision making it retrospectively applicable. Irrespective of above, since we are dealing with the appeal on merit, thus, this issue may not be necessary to deal with. 50. The Complainant has provisionally attached the assets on the basis of its allegation that these assets have been created out of SAM .In this regard, Complainant has relied upon statement dated 23.01.2015 of Defendant No. 3, R.C. Rungta. It is submitted that no such statement has been made by R.C.Rungta in this statement dated 23.01.2015.The Complainant has also relied upon letter dated 28.06.2016. In this letter, too, no such statement has been made. It is stated on behalf of appellants that appellants had already completed its expan .....

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..... to the CBI Charge-sheet and the proceedings under the PMLA have been widely reported and publicized in the media, as such, no prudent person would be willing to deal or transact with Defendant No.1 concerning the attached assets. 56. The Adjudicating Authority again travelled beyond the materials before it to arrive at the finding that the mandatory requirement of section 5(1)(b) are satisfied in the present case. In order to justify the presumptions of the ED in this regard and the lack of reasons in writing as to the ED s belief in respect of Section 5(1)(b), PMLA, the Adjudicating Authority has raised further presumptionsagainst the Appellant without any reasonable or factual basis and without any reference to the material on record and without any reference to any act or omission of the part of the Appellant. 57. The Adjudicating Authority has furnished completely new reasons and has erroneously held that there is no restriction for disposal of the entire running unit by the Appellant or its business, partially or fully and that very few formalities are required to be fulfilled, if the Appellant wished to alienate/transfer/sell the entire running unit. It is submitted that suc .....

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..... es. After having so investigated, the ED did not conclude that these companies were group companies of the Appellant Company at the time of investment in the shares of the Appellant Company or that the Appellant had any relation to the source of funds of these investor companies. It is submitted on behalf of appellants that the Adjudicating Authority, however, not only allowed the ED to do so, but also took it into consideration and, a perusal of the Impugned Order shows at Pages 114-116 accepted it as the primary ground for confirming the said PAO. While accepting the aforesaid new case put forth by the ED, the Adjudicating Authority has failed to provide any reason for the same or disclose the material which it has relied upon to arrive at the above findings. 61. We are of the view that if this new case is accepted for the sake of arguments and the investor companies are presumed to be related or group companies, then the money invested by them also has to be relatable to the Appellants, and as such, there can be no question of profiteering or benefitting from the coal allocation and thus, no question of any proceeds of crime. 62. In the light of above, the impugned order is set .....

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