Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers

Hyderabad: 

The Hyderabad High Court today set aside an Enforcement Directorate order provisionally attaching Rs. 822 crore worth of fixed deposits belonging to Satyam Computer Services Ltd, which was acquired by Tech Mahindra.

In 2012, the Enforcement Directorate (ED) had issued provisional attachment orders freezing fixed deposits of Satyam (now merged into Tech Mahindra) in connection with its probe in the money laundering case.

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers.

A bench of Justices V Ramasubramanian and J Uma Devi today set aside the ED’s orders.

Vivek Reddy, counsel for Tech Mahindra, told PTI they argued that there was no money when the Tech Mahindra took over the fraud-hit Satyam Computer Services Ltd (SCCL) in 2009 and on the other hand, the Mahindra group company had to infuse money to revive the B Ramalinga Raju-founded company.

“Our argument was that there was no proceeds of money when Tech Mahindra (TechM) took over the company (SCSL). There was no money in the company then and they (TechM) had to infuse money into the company.

“So where is the question of any ill-gotten money when the company had negative balance?” he said.

P V P Suresh Kumar, representing the ED, said the agency might approach the Supreme Court challenging the high court’s order.

“One of the strongest grounds (for an appeal in the top court) was that the CBI special court had earlier convicted Ramalinga Raju and brothers.”

“In view of that conviction, it clearly shows that there was a contravention of the Money Laundering Act and IPC provisions. In such a situation, the attachment order passed by the Enforcement Directorate was valid and correct, according to the contravention,” Mr Kumar said.

“The ED will approach the Supreme Court after going through the order copy,” he said.

Earlier, a single bench judge had stayed all further proceedings pursuant to the ED’s attachment order.

Challenging the single judge order, the probe agency had filed a writ appeal before a division bench.

The bench had in 2014 issued orders dismissing the ED’s appeal, saying the act of the agency was contrary to rules.

Tech Mahindra argued that it was a victim of fraud and no proceedings could go under the provisions of the PMLA against “victims of fraud”.

The ED had attached the accounts of SCCL as its probe claimed to have found that B Ramalinga Raju and his associates “wrongfully” offloaded inflated shares of the company by way of sale or pledging of shares.

[“source-ndtv”]

Police launch probe into agriculture recruitment racket

A preliminary enquiry found that 15 candidates from Haryana used unfair means to excel in the examination held on September 4, 2016.

Police on Wednesday launched a probe into an alleged cheating racket pertaining to a nationwide examination conducted by the Agricultural Scientist Recruitment Board (ASRB) in 2016.

A preliminary enquiry found that 15 candidates from Haryana used unfair means to excel in the examination held on September 4, 2016. At least 13 of them appeared for the test at the Indian Veterinary Research Institute (IVRI) in Bareilly.

Officials of the institute lodged a complaint in this regard on the ASRB’s direction.

All the candidates under question were found to be residents of Sonepat and Rohtak districts of Haryana. They have also been accused of involvement in scams pertaining to other central government recruitment examinations, including those conducted by the army.

“The 15 candidates scored similar marks in the examination, much higher than the average score of other candidates. We became suspicious and reported the matter to the police,” said IVRI director Dr RK Singh.

The complaint was filed at the office of Bareilly senior superintendent of police (SSP) Joginder Kumar on Tuesday. He then directed a circle officer to investigate the matter, and lodge an FIR in this regard. “We will share inputs in the case with our counterparts in Haryana to nab the racketeers,” said Kumar.

Meanwhile, the ASRB has decided to hold a re-examination on June 24. A notice put up on its website cites “administrative issues” as the cause for cancellation of the previous test.

The examination is conducted to ensure recruitment for technical posts in agricultural institutes across the country. Over 70,000 candidates appeared for the exam to fill 150 vacancies that year.

[“source=hindustantimes”]

US ITC to Probe Samsung, Sony, Others Over Creative Patent Violation

US ITC to Probe Samsung, Sony, Others Over Creative Patent Violation

The US International Trade Commission (USITC) is launching an investigation into mobile devices made by eight smartphone vendors including Samsung Electronics Co over an alleged patent violation, the trade panel said on its website.

The probe follows a complaint filed by Singapore-based Creative Technology Ltd and US-based Creative Labs Inc that several handset makers have infringed on their patent, the ITC said in a statement.

The accused vendors are ZTE Corp, Sony Corp, Samsung, LG Electronics Inc, Lenovo Group Ltd,Motorola Mobility, HTC Corp and BlackBerry Ltd.

“The products at issue in the investigation are portable electronic devices, such as smartphones, with the capability of playing stored media files selected by a user from a hierarchical display,” ITC wrote.

The trade panel said it has not yet made any decision on the merits of the case, and will decide a target date for completing investigation within 45 days after the institution of the investigation.

Creative Technology was not immediately available for comment. HTC said it cannot comment as the case has entered the court process.

Samsung and LG said they are looking into the case and didn’t have any other immediate comment. Sony declined to comment. ZTE, Lenovo and other vendors were not immediately available.

“It’s rare to see so many vendors involved in one patent infringement case,” said research firm Canalys analyst Nicole Peng.

While the share price reaction of most Asia-based companies was muted, Hong Kong-listed shares of ZTE tumbled 11 percent on Friday to their lowest since July 2013. The Shenzhen-based company faced export restrictions imposed by the US Commerce Department in March for allegedly violating sanctions against Iran.

© Thomson Reuters 2016

Tags: BlackBerry, Creative Labs, HTC, LG, Lenovo, Motorola, Samsung, ZTE
[“Source-Gadgets”]

US ITC to Probe Samsung, Sony, Others Over innovative Patent Violation

US ITC to Probe Samsung, Sony, Others Over Creative Patent Violation

the united states global alternate commission (USITC) is launching an investigation into mobilegadgets made with the aid of eight cellphone vendors inclusive of Samsung Electronics Co over an alleged patent violation, the exchange panel said on its internet site.

The probe follows a criticism filed via Singapore-primarily based innovative technology Ltd and US-primarily based innovative Labs Inc that several handset makers have infringed on their patent, the ITCstated in a statement.

The accused carriers are ZTE Corp, Sony Corp, Samsung, LG Electronics Inc, Lenovo organization Ltd, Motorola Mobility, HTC Corp and BlackBerry Ltd.

the goods at trouble in the investigation are portable digital gadgets, consisting of smartphones, with the capability of gambling saved media documents selected by way of a user from a hierarchical show,” ITC wrote.

The change panel stated it has now not but made any decision on the deserves of the case, and willdetermine a target date for finishing investigation inside forty five days after the institution of theinvestigation.

innovative technology was now not right now to be had for comment. HTC said it cannot comment as the case has entered the court process.

Samsung and LG stated they’re looking into the case and didn’t have another instantaneous comment. Sony declined to remark. ZTE, Lenovo and other companies were no longer immediately available.

it’s rare to see such a lot of carriers concerned in one patent infringement case,” said researchcompany Canalys analyst Nicole Peng.

even as the proportion fee response of most Asia-primarily based corporations changed into muted, Hong Kong-listed stocks of ZTE tumbled eleven percent on Friday to their lowest in view that July 2013. The Shenzhen-based totally organization faced export regulations imposed by using the us tradedepartment in March for allegedly violating sanctions towards Iran.

© Thomson Reuters 2016

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Tags: BlackBerry, creative Labs, HTC, Lenovo, LG, Motorola, Samsung, ZTE

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