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CBI vs CBI: ED files reply on Satish Sana’s plea



Enforcement Directorate

New Delhi: The Enforcement Directorate (ED) has filed its reply before the Delhi High Court over a plea by Hyderabad based businessman Satish Sana Babu seeking quashing of the ED’s action against him.

The ED has filed its reply before a division bench of the High Court.

The agency in its reply said that Sana was “unable to justify a payment of Rs 1.5 crore made to the main accused (Moin Qureshi) as a bonafide business expense and thus custodial interrogation was required.”

“The Petitioner was arrested in accordance to the mandate of Section 19 and by no stretch of imagination have the actions been violative of the mandate of the Constitution,” the ED said.

Denying the claims of Sana that he has been issued summons even after no new facts have emerged in the case, the ED said, “…assuming that no new facts have emerged, even then, to further an investigation, there is no bar on summoning a person to clarify and verify the existing facts. It is submitted that the petitioner has said that he has been summoned twice without any new fact emerging. However, it is wrong to say so, as investigations in respect of financial transactions that took place between the petitioner and Moin Qureshi are still underway.”

The ED also submitted that the investigation in respect of source of these funds which are nothing but Proceeds of Crime is still underway and backward acquisition, manner of transfer and subsequent utilization is being investigated so that the entire trail of the Proceeds of crime can be unearthed.

The ED termed the whole petition as a “misconceived interpretation of the law, which in no stretch of imagination is a reasonable one.”

The agency claimed that it is well within its rights to change the status from witness to accused, if new facts emerge during the course of investigations. Merely because a person has been cited as a witness in earlier proceedings does not place him in any exalted position.

Sana through his counsels Wasey Khan and Shaikh Bakhtiyar knocked at the doors of the High Court seeking quashing of the money laundering case, allegedly involving him and meat exporter Moin Qureshi.

Sana also sought quashing of summons issued by the ED under section 50 of the Prevention of Money Laundering Act (PMLA) on July 18 and 25, alleging them to be illegal and violative of the provision of Indian Evidence Act and the Constitution.

Sana in his petition claimed that earlier he was named as a witness in the case and appeared before the ED in pursuance to the summons, he was later arrested on July 26 on the ground that there were contradictions in his statements.

In October last year, on the basis of a complaint filed by Sana, a case was registered against then CBI director Alok Verma and special director Rakesh Asthana on charges of accepting a bribe from a businessman, who was related to the case.

The CBI’s special probe team, under the then Special Director Rakesh Asthana, had recommended Sana’s arrest in its own case against Qureshi and others.


FM Sitharaman may push for Rs 30K cr interim dividend from RBI to meet low revenue generation, slowdown

The government is fighting a six year low growth, subdued demand and consumption leading to projections of 5 per cent growth in current fiscal which is an 11 year drop.




Nirmala Sitharaman
RBI governor Shaktikanta Das and FM Nirmala Sitharaman RBI governor Shaktikanta Das and FM Nirmala Sitharaman and at the post-Budget meeting (Picture Credit DNA)

The Finance Ministry is likely to push for Rs 25,000-30,000 crore interim dividend from RBI, for the third time in a row, to check slippages in the fiscal deficit of 3.3 per cent in 2019-20.

The central bank and government may touch upon the issue when Finance Minister Nirmala Sitharaman will meet RBI Governor Shaktikanta Das at post Budget Vision customary meeting.

Government has a Budget estimate of Rs 90,000 crore dividend from RBI in FY20. RBI follows a fiscal of July-June. The interim dividend of the RBI’s total dividend for 2019-20 (July-June) can help the government check 3.3 per cent fiscal deficit target slippage.

In the past RBI has paid a total Rs 38,000 crore as interim dividend (Rs 28,000 crore in FY19 and Rs 10,000 crore in FY18).

“If the RBI board recommends, then it will be the third time when interim payout will be given to the government,” said sources.

The central bank had paid Rs 28,000 crore as interim dividend from its 2018-19 fiscal accounts (July-June) in February, which helped the government contain deficit at 3.4 per cent in the last fiscal.

The Reserve Bank follows July-June financial year and usually distributes the dividend in August after annual accounts are finalised and interim dividends if any, they are given around February to the government.

Seeking interim dividends are not common. The Bimal Jalan-led committee on the RBI’s economic capital framework recommended in August that an interim dividend should be paid to the government only in “exceptional circumstances”.

The Finance Ministry’s contention is that this year has “exceptional circumstances” because of the slowdown, low revenue generation and outgo of Rs 1.45 lakh crore due to corporate tax cuts.

For 2018-19 (July-June), the RBI transferred a total of Rs 1.76 trillion to the central government, including a one-time transfer of Rs 52,637 crore which was deemed as excess reserves and comprising Rs 1,23,414 crore of surplus for the year 2018-19.

The government is fighting a six year low growth, subdued demand and consumption leading to projections of 5 per cent growth in current fiscal which is an 11 year drop.

On Monday, the International Monetary Fund (IMF) slashed India’s FY20 growth forecast to 4.8 per cent, besides trimming global outlook and said India’s slow growth is dragging down the world economy.

The Finance Ministry might seek the interim dividend from the RBI to meet some of the financial pressure due to the low revenue generation from taxes and disinvestment and slowdown, said the sources.

The RBI largely earns profits on its trading of currencies and government bonds. Part of these earnings are set aside by the RBI for its operational and contingency needs while the rest is transferred to the government in the form of dividends.

The Union Budget 2019-20 had pegged dividend or surplus of the RBI, nationalised banks and financial institutions at Rs 1.06 lakh crore up from Rs 74,140.37 crore realised in the previous fiscal.

(Anjana Das can be contacted at [email protected])

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JNUSU moves Delhi High Court against late fees

The plea was filed by JNUSU members including President Aishe Ghose, Vice President Saket Moon and others.



JNU students protest outside campus
JNU students protest outside campus over Fees Hike

New Delhi, Jan 21 : The JNU Students’ Union has moved the Delhi High Court seeking direction of the court to restrain the Jawaharlal Nehru University administration from imposing late fees on students for registrations in winter semester 2020.

The plea was filed by JNUSU members including President Aishe Ghose, Vice President Saket Moon and others.

The plea also seeks directions to the varsity restraining it from taking any actions which would give effect to the draft hostel manual.

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Heroin worth approx Rs 100 cr seized in Kolkata





Kolkata: In a major drug haul by Kolkata Police, heroin worth between Rs 75 crore to Rs 105 crore in the international market, was seized early on Tuesday and two persons were arrested, a senior officer said.

Acting on a tip off, the Special Task Force of the city police made the seizure from Paikpara under Tala police station between midnight and 2 a.m.

“We have seized about 25 kilogram of heroin. According to the grey market rates, the price range can be anything between Rs 75 crore to Rs 105 crore.

“We have also arrested two persons,” Deputy Commissioner, Special Task Force, Pradeep Kumar Yadav told IANS.

This is one of the biggest haul of opioid drug heroin in east and north east India in recent times.

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