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IN THE HIGH COURT OF JUDICATURE AT MADRAS
S.M.Subramaniam, V.Sivagnanam
S. Jayalakshmi – Appellant
Versus
Directorate of Enforcement, Chennai Zone-I, rep. by its Deputy Director – Respondent
ORDER :
S.M. Subramaniam J.
Under assail is the judgement dated 13th October, 2023 in Crl.M.P.No.6422 of 2022 in Spl.C.C.No.2 of 2021.
2. The petitioner is Accused No.16 and she filed a petition under Section 227 of Criminal Procedure Code for discharge. Since the petition has been dismissed, the present Criminal Revision Case came to be instituted.
3. The petitioner is the then wife of Mr.C.Sivasankaran. The facts of the case are that the company, by name M/s Win Wind Oy, Finland (WWO) was sanctioned loan by M/s IDBI Bank, DIFC Branch, Dubai, for financial assistance of EURO 52 Million - (INR equivalent to 322.40 crores) towards Working Capital Facility, Capital Expenditure (CAPEX) and Loan Equivalent Ratio (LER). Due to lack of business, the company could not carry on the business and eventually ended up only accumulating losses. Later, WWO applied for Voluntary Bankruptcy and approached the Court of Finland who appointed Bankruptcy Estate Administrator (BEA) on 03.10.2013 for liquidation of assets.
4. After that, senior officials of IDBI Bank suggested to grant loan to M/s Axcel Sunshine Limited (M/s.ASL) based in the British Virgin Islands, for non-productive purpose to a tune of 83
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