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TMI Blog2023 (9) TMI 362X X X X Extracts X X X X X X X X Extracts X X X X ..... s responsibility was only to deal with the consumer durable business of the company. It is stated that the said consumer durable business was sold to Havells (India) Limited on 18.02.2017 and the sale was effectuated on 08.05.2017 and on the same day the Petitioner resigned as a Director. It is stated that the Petitioner attended the last Board Meeting on 18.02.2017. It stated that after about 18 months of the Petitioner's leaving, the company was declared as Non-performing asset (NPA) on 28.11.2018. It is stated that on 14.01.2022, the Petitioner received a Show Cause Notice dated 07.01.2022 from the Bank of Baroda where in it was stated that the Petitioner was declared as a wilful defaulter. It is stated that the basis of the transactions as mentioned in the Show Cause Notice pertains to the period post resignation of the Petitioner. It is stated that the Petitioner gave a reply to the Show Cause Notice. It stated that, thereafter, the Petitioner received a notice under Section 91 of Cr.P.C from the Respondent No. 3/Central Bureau of Investigation (CBI) informing that a regular case bearing No. RCBD12021E0011 has been registered against the company and three Directors and sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The company sold their COB business to M/s Havells India Ltd. substantial investment was seen in Plant and Machinery which points towards diversion of funds by way of booking fake procurement or plant and machinery. (Out of total sales of Rs.3024.41 Crores in FY 2016-17 business by CDB segment constituted Rs 1885.00 crores i.e, 62.33% ). Even high court had passed judgement dated 12.03.2019 that states that as the company was allegedly not doing any business since July 2017, there is no ground for fresh investment in plant and machinery. b. It has been observed that CD had extended an additional loan to its subsidiary company Noske Kaesar Rail and Vehicle Germany GmbH to the tune of Rs 8.44 Crores during the year 2017-18. It is to be noted that the complete investment amount of Rs 12.54 Crs (including opening balance of Rs 4.10 Crs) was written off as doubtful loan and the value of investment in the company amounting to Rs 3.75 Crs was written off as impairment loss during the year. c. Despite sale of CDB segment to M/s. Havells India Ltd and decrease in employee benefit expenses (thereby indicating reduction in operations or the company), the Company substantially increased ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by MCA) formerly known as Fedders Lloyd Corporation Limited. ("FEEL"). S No Particulars Amount Remark 1 Bill no.1 dated 06.04.17 paid through SBI branch 04109 on 21.04.17 of B R Punj (MD) through Anita K Sharma 2,26,88,350 Booked in FEEL 2 Bill no. 2 dated 04.05.17 paid through SBI branch 04298 on 10.05.17 under instruction of B R Punj (MD) through Anita K Sharma 2,23,85,900 Booked in FEEL 3 Bill no. 6 dated 03.06.17 paid through SBI branch 04109 on 03.06.17 1,15,00,000 Booked in FEEL 4 Bill no. 4 dated 18.05.17 paid through SBT-CC- 67301694273 on 24.05.17 under instruction of B R Punj (MD) through Anita K Sharma 1,90,90,000 Booked in LEEL 5 Bill no. 5 dated 27.05.17 paid through SBT-CC- 67301694273 on 03.06.17 under instruction of B R Punj (MD) through Anita K Sharma 1,15,00,000 Booked in LEEL 6 Bill no. 15 dated 14.11.17 paid through SBT-CC- 67301694273 on 17.11.17 2,36,00,000 Booked in LEEL Total 11,07,64,250 7 Incentive paid to Mr. Nipun Singhal in his personal name 70,00,000 Booked in LEEL Total 11,77,64,250 7. Learned Counsel for the Respondent No. 3/CBI has stated in the Court that the Petitioner is not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Office Memorandum was amended reads as under: "Office Memorandum dated 27th October, 2010 "g) Recourse to LOC is to be taken in cognizable offences under IPC or other penal laws. The details in column IV in the enclosed proforma regarding 'reason for opening LOC' must invariably be provided without which the subject of an LOC will not be arrested/detained. h) In cases where there is no cognizable offence under IPC or other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country. The originating agency can only request that they be informed about the arrival/departure of the subject in such cases. j) In exceptional cases, LOCs can be issued without complete parameters and/or case details against CI suspects, terrorists, anti/national elements etc. in larger national interest." Office Memorandum dated 27th October, 2010, as amended on 5th December, 2017 "Amendment- "In exceptional cases, LOCs can be issued even in such cases, as would not be covered by the guidelines above, whereby departure of a person from India may be declined at the request of any of the authorities mentioned in clause (b) of the above-referred OM, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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