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2024 Supreme(Online)(ATFP) 784
APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI
1. FPA-PMLA-2524/MUM/2018 M/s. United Spirits Ltd.
2. FPA-PMLA-2716/MUM/2018 M/s United Breweries Ltd.
3. FPA-PMLA-2726/MUM/2018 BMM Construction & Projects Pvt. Ltd.
4. FPA-PMLA-3151/MUM/2019 Mr. Ravishankar Keerthapati Ramaraju … Appellants Versus The Deputy Director Directorate of Enforcement, Mumbai … Respondent Advocates/Authorized Representatives who appeared For the Appellant in S. No.1&2 : S/Sh. Prateek K. Chadha, Sreekar Aechuri, Arjun Nayyar, Aniket Chauhaan, Advocates.
For the Appellant in S. No.3 : S/Sh. Arshdeep Singh, Meena Venugopal, Harsh Srivastav, Advocates.
For the Appellant in S. No.4 : S/Sh. Gaurav Mahajan & Mehak Joshi, Adv.
For the Respondent ( ED) : Shri Chander Prakash, Advocate For the consortium of Banks : Sh. Ashok Bannidenni, Adv.
CORAM SHRI G. C. MISHRA : MEMBER SHRI RAJESH MALHOTRA : MEMBER
FINAL ORDER
26.12.2024
Dictated by: Rajesh Malhotra
The present appeals are filed by the appellants under Section 26 of Prevention of Money Laundering Act, 2002 (PMLA) against the impugned order dated 01.12.2016 passed by the Adjudicating Authority in Original Complaint No. 612/2016 (OC) vide which the properties of the appellants attached vide Provisional Attachment Order No. 11/2016 (PAO) dated 11.06.2016 were confirmed. The details of the said properties are as under:-
Details of properties
| Sl. No. | Description of the property | Area adm. | In the name of | Value of the property (Rs. In crore) As per Govt. ready Reckoner, 2009 | Present Value as per Govt. ready reckoner, 2016 |
| 01. | 87/11, Rustomji Flat, Richmond Road, Richmond Town, Bangalore | 2291 Sq. Ft. | United Breweries (Holdings)Ltd. | 1.0(approx.) | 3.32(approx.) |
| 02. | 604, HB, Wallace Apartments, Nashir Bharucha Marg, Grant Road, Mumbai | 1561 Sq. Ft. | United Breweries (Holdings)Ltd. | 1.43(approx.) | 3.10 |
| 03. | Factory Building & land at Sl. No. 254/1, Thuthipattu, Village, Ambui Vaniyambadi Taluka, Vellore, District Tamil Nadu | 4.50 Acres | UB Global-a division of United Breweries (Holdings) Ltd. | 0.8(approx.) | 1.14 |
| 04. | Land parcels situated in Biligen Vilage Kiragandoor Village, Madekuri, Kumboor Village. | 28.71 Acres | M/s Endeavour Estates Pvt. Ltd. | 0.85 (approx.) | 1.55 |
| 05. UB City, Bangalore | (UB Tower, Commercial) 1st Floor car parking IInd Floor-Reception 12th Floor-UBH office 14th Floor ..do.. 15th Floor ..do.. 16th Floor ..do.. | 35511.64 sq. ft. | United Breweries (Holdings) Ltd. | 31.25 (approx.) | 81.67 |
| 06. UB | City, Bangalore (Canberra Tower) 3rd Floor to 16th Floor except 9th & part of 15th Floor sold to M/s USL) | 309974 sq. ft. | United Breweries (Holdings) Ltd. | 273 | 712.94 |
| 07 | UB City, Bangalore – UB Mall (Canberra & Concorde Retail- Commercial) Area viz. Basement to IInd Floor) | 76406 sq. ft. | United Breweries (Holdings) Ltd. | 67.24 | 175.73 |
| 08 | Amount lying balance in bank A/c No. 0164351000009300 held with Lakshmi Vilas Bank, Bangalore | ….. | P.E. Date Centre Resources Pvt. Ltd. | 34.21 (approx.) bank a/c balance hence present value as on 05.03.2016 has been taken) | 34.21 |
| 09. Under construction flats in Kingfisher Tower, Bangalore to the extent of the remaining POC. | … | United Breweries (Holdings) Ltd. | 398.04 (The value has been assessed on the basis of ready reckoner role, 2016) | 398.04 | |
| Total | 807.82 | 1411.70 |
2. As per the facts of the case a preliminary enquiry was conducted by CBI, BSFC, Mumbai against the officials of IDBI Bank Ltd., M/s Kingfisher Airline Ltd. and its officials on the allegations that the suspect officers of the IDBI Bank had sanctioned & disbursed term loans to the extent of Rs. 900 crores to the said company without conducting due diligence and the said company had diverted the aforesaid funds, and thereby, causing wrongful loss of Rs. 900 crores plus unapplied interest to IDBI Bank. The said preliminary enquiry revealed that: -
M/s Kingfisher Airlines Ltd. a company promoted by Dr. Vijay Mallya was incorporated in the year 2003 and was fully owned subsidiary of M/s UB holdings Ltd. Bangalore. The registered office of M/s Kingfisher Airlines Ltd. is at UB Anchorage, 10091, Richmond Road, Bangalore-560025, India and the company also has an office at Kingfisher House, Western Express Highway, Ville Parle (E) Mumbai-400039. Dr. Vijay Mallya, r/o Villa B-92, Palm Jumeriah, P.O. Box 20827 Dubai, NA, United Arab Emirates (also at Kingfisher Villa, Goa) is the chairman and CEO of the Company, Sh. A Raghunatham, r/o 104-iiB, Wallace Apartments, Nausherbharocha Road, Grant Road, (W) Mumbai-400007 is the Chief Financial Officer of the company.
The proposal dated 01.10.2009 for the sanction of the corporate loan of Rs. 950 crores, against which the above facilities were sanctioned, was signed and submitted by Sh. A. Raghunathan and was marked to the attention of Sh. B.K. Batra MD. While proposal was pending, vide letter dated 07.10.2009, Sh. A Ragunatham, giving reference to the meeting dated 06.10.2009 between Dr. Vijay Mallya and Sh. Yogesh Aggarwal, CMD, IDBI reques
