ED counsel, Ujjwal Nikam contended that both the accused had hatched a criminal conspiracy with international arms dealer Adnan Khashoggi in the trade of weapons. Thus logical inference could be drawn that they had indulged in conspiracy to ‘wage war against the nation’
Mumbai: A sessions court today rejected the bail plea of Pune stud farm owner Hassan Ali Khan and his associate Kashinath Tapuriah, arrested in March by Enforcement Directorate (ED) which alleged that they had laundered $93 million in foreign banks and indulged in conspiracy to ‘wage war against the nation’, reports PTI.
The bail petitions were rejected by principal sessions judge, Swapna Joshi, who agreed with the prosecution that granting them liberty at this juncture was not justified.
Opposing their bail, ED counsel, Ujjwal Nikam, alleged that Mr Khan and Mr Tapuriah had laundered $93 million in foreign banks.
He also alleged that $300 million had been obtained by Mr Khan from sale of weapons. This, Mr Nikam said, was reflected in some documents recovered during investigation which were signed by him and notarised in London.
Mr Nikam contended that both the accused had hatched a criminal conspiracy with international arms dealer Adnan Khashoggi in the trade of weapons. Thus logical inference could be drawn that they had indulged in conspiracy to ‘wage war against the nation’, a serious offence under the Indian Penal Code (IPC).
The ED counsel said that Mr Khan had acquired passports by submitting forged and fabricated documents from various regional passport authorities like Hyderabad, Patna, Mumbai, Pune and London. Various offences were registered against Mr Khan, Mr Nikam said.
He alleged that Mr Khan had transferred $7 lakh from his Swiss bank account to the account of SK Financial, London.
Mr Nikam submitted that notarised documents seized from the possession of Mr Khan mentioned that Mr Tapuriah was his advisor.
I P Bagaria and Girish Kulkarni, lawyers of Mr Khan and Mr Tapuriah respectively, argued that the offences alleged to have been committed by the accused pertained to the period prior to the enactment of Prevention of Money Laundering Act of 2002, under which they had been charged.
The provisions of this Act could not be invoked even if it is presumed that charges against the accused were true because the PMLA did not have retrospective effect, the defence lawyers submitted.
Lawyers Mr Bagaria and Mr Kulkarni argued that the alleged offences against Mr Khan and Mr Tapuriah were not scheduled offences under part A of PMLA. Hence, the accused may be released on bail.
The lawyers argued that the ED had already contemplated action against the accused under Foreign Exchange Management Act (FEMA) and questioned how on the same set of facts the agency could prosecute the accused under PMLA also.
They contended that the ED had filed complaint against the accused only under Section 3 of PMLA and had not filed any further complaint under IPC for offence of ‘waging war against nation’. Therefore the accused could not be charged with the IPC provision.
Countering the arguments, Mr Nikam argued that the objective of PMLA should be considered by the court. He said Section 3 of PMLA is contemplated in such a manner that continuity in action is necessary and therefore Section 3 has retrospective effect.
Tata Motors exports grew by 21% last month to 5,094 units from 4,222 units in the same month last year
Tata Motors’ total sales (including exports) of Tata commercial and passenger vehicles in June 2011 were 66,358 vehicles, lower by 1% over June 2010. The company’s domestic sales of Tata commercial and passenger vehicles for June 2011 were 61,264 units, lower by 2% over 62,602 units sold in June last year.
Cumulative sales (including exports) for the company for the fiscal are 194,461 units, a growth of 8% over 180,210 units sold last year.
The company’s sales of commercial vehicles in June 2011 in the domestic market were 39,271 units, a 13% growth compared to 34,791 vehicles sold in June last year. LCV sales were 23,197 units, a growth of 18% over June last year. M&HCV sales stood at 16,074 units, a growth of 6% over June last year.
Cumulative sales of commercial vehicles in the domestic market for the fiscal are 115,172 units, a growth of 18% over last year. Cumulative LCV sales are 68,956 units, a growth of 25% over last year, while M&HCV sales stood at 46,216 nos., a growth of 10% over last year.
The passenger vehicles business reported a total sale and distribution offtake of 23,499 units in the domestic market in June 2011, lower by 22% compared to 29,948 units in June last year.
The company's sales from exports at 5,094 vehicles in June 2011 registered a growth of 21% compared to 4,222 vehicles in June last year. The cumulative sales from exports for the fiscal at 14,182 units are higher by 32% over 10,747 units in the same period last year.
On Friday, Tata Motors ended 0.10% up at Rs994.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.44% to 18,762.80.
Abhijeet Power is considering a pre-IPO placement of up to 30.33 crore equity shares with various investors for an amount not exceeding Rs500 crore
Abhijeet Power Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of its equity shares of face value of Rs10 each for cash at a price to be decided through the book-building process and aggregating to Rs1,375 crore. The promoters of the company are Manoj Jayaswal, Abhijeet Mining Ltd and Corporate Ispat Alloys Ltd.
The issue comprises a reservation of equity shares aggregating up to Rs10 crore for eligible employees. The issue less the employee reservation portion constitutes the net issue to the public. The company is considering a pre-IPO placement of up to 30.33 crore equity shares with various investors for an amount not exceeding Rs500 crore. The pre-IPO placement will be at the discretion of the company and at a price to be decided by the company. The company will complete the issuance and allotment of equity shares pursuant to the pre-IPO placement prior to filing of the red herring prospectus with the RoC. If the pre-IPO Placement is completed, the issue size offered to the public would be reduced to the extent of such pre-IPO placement, subject to a minimum issue size of 10% of the post-Issue paid-up equity share capital being offered to the public.