The court, however, set some conditions for enlarging 53-year-old businessman on bail, including barring the Pune-based stud farm owner, from leaving Mumbai for five days and directing him to appear before the ED officials every day
Mumbai: In a huge embarrassment for the Enforcement Directorate (ED), a local court today rejected its plea seeking remand of Hassan Ali Khan for his custodial interrogation in a money laundering case and granted bail to the controversial businessman, reports PTI.
"No material evidence has been presented by the ED that shows any scheduled offence has been committed by Khan," principal sessions court judge ML Tahaliyani observed while rejecting the agency's remand application.
The judge, however, set some conditions for enlarging 53-year-old Mr Khan on bail, including barring the Pune-based stud farm owner, from leaving Mumbai for five days and directing him to appear before the ED officials every day.
The ED said it will challenge the order and move a superior court.
Mr Khan, alleged to have stashed over $8 billion in UBS Bank in Switzerland and made other illegal transactions abroad, was arrested on Monday midnight under the Prevention of Money Laundering Act and has been in ED custody since then.
Mr Khan is facing charges of massive money laundering and tax evasion.
Soon after the court dismissed ED's plea and ordered Mr Khan to be released on bail, the investigative agency's counsel Rajiv Awasthi said they would move a superior court against the order after going through the full text of the judgement.
"We have overwhelming evidence (to show Mr Khan's culpability in money laundering) but probably the court failed to appreciate those. We will appeal before a superior court," Mr Awasthi told reporters.
Asserting that ED's investigation in the case was proceeding "effectively", Mr Awasthi said, "We have received some links....Hasan Ali's remand was needed to bridge some gaps in the probe."
The court had on Wednesday severely rebuked the Enforcement Directorate over its handling of the money laundering case, observing it had not been able to make out even a single case against the businessman to seek his custody and asked the agency to do its 'homework".
"You people are not able to make out even a single case against him (Mr Khan), so what do you want his custody for? What do you want to investigate him for? You people show one offence against him and then we can talk of custody," justice Tahaliyani had said pulling up the ED.
"You can't keep any person in custody unless you make a case (against him)," the judge had said.
In its application seeking Mr Khan's remand, the ED had referred to the huge amounts allegedly stashed away by him abroad and links to international arms dealer Adnan Khashoggi.
The application also spoke about the multiple passports he had acquired using forged documents. Mr Khan had been arrested by Mumbai police in this connection after the Regional Passport Office filed a complaint against him in 2008. He was later enlarged on bail.
The ED application said Mr Khan had given instructions to transfer funds from his foreign bank accounts to various accounts outside India. It said that $700,000 was allegedly transferred from Mr Khan's account in Sarasin Bank in Switzerland to the account of SK Financial Services based in the UK maintained by Barclays Bank, London through Citi Bank, New York.
The ED accused Khan of dealing in, acquiring and holding foreign exchange equivalent to Rs36,000 crore.
On his Khashoggi links, it said, "This requires intensive probe as it has a bearing on national security as well."
While taking note of accusations of Mr Khan's links with Mr Khashoggi and those involved in terror activities, the Supreme Court had on Tuesday asked the probe agencies to weigh the option of booking him under anti-terror law.
The ED also said that it had seized laptops and incriminating documents during the searches conducted at Khan's premises.
While accusing Mr Khan of not cooperating in the investigations, ED said it apprehended that he may tamper with evidence and dispose of the money lying in his bank accounts.
The Supreme Court had last week come down heavily on the ED for not being able to go after Mr Khan and other alleged black money hoarders.
Bajaj Electricals is expecting about 60% growth in revenue in FY12 at Rs40 crore from Rs25 crore estimated in FY11
To usher in greater efficiency and increase its profitability, consumer durable company Bajaj Electricals Ltd is revamping its supply chain.
"We are in the path of transformation and we are now in the process of revamping our entire supply chain in multi-year partnership with Vector Consulting Group using the Theory of Constraints (TOC) principles," Bajaj Electricals executive director R Ramakrishnan said.
This will help in strengthening the entire supply chain and is expected to add 10% to the company's revenue and 20% to its overall profit in next two years, he said.
Using TOC principle, the company aims to improve fill rates, reduce stock outs, reduce inventories, and improve dealer and vendor Return On Investment (ROI), he said.
TOC solution will help all the suppliers and channel partners substantially improve their inventory turns.
Vector Consulting Group has 21 clients like Raymonds, Westside and Landmark.
"At present, we are in talks with 7-8 companies and are likely to add two clients to the client list in FY12," Vector Consulting Group founding director Puneet Kulraj said.
The company is expecting about 60% growth in revenue in FY12 at Rs40 crore from Rs25 crore estimated in FY11, he said.
On Friday, Bajaj Electricals ended 1.61% up at Rs227.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.84% to 18,174.09.
CORE Projects has won an ICT project from the Haryana government worth around Rs295 crore
Education company, CORE Projects and Technologies Ltd, said it has won an ICT project worth around Rs295 crore from the Haryana government.
This is one of the biggest ICT (information and communication technology) projects and is aimed at benefiting five million students in 2,622 schools, of which five schools will be developed as 'smart' schools, a press release said.
The ICT project, valued at about Rs295-crore, is a part of the government programme aimed at strengthening school education across the country, it added.
This project is expected to augment the focus of the government to improve the quality of education in schools by ushering in enhanced use of technology, the release said.
The project envisages the use of computers and bio-metric devices to enhance delivery of quality education in schools and to monitor student and teacher performances.
On Friday, CORE Projects ended 0.06% down at Rs316.35 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.84% to 18,174.09.