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Senior counsel and former Union Minister Kapil Sibal along with senior counsel P S Raman, former advocate general of Tamil Nadu, have appeared for Sun TV and Kal Comm Pvt Ltd, companies promoted by media tycoon Kalanithi Maran.
Counsel appeared for the Directorate said that the matter is pending with the Supreme Court, where the 2G Spectrum and related matters are being heard.
Sibal and Raman argued that the company is not an accused in the case pending with the Supreme Court. "We are not meeting an investigation," said Sibal at the Court.
Raman argued that the Directorate had attached the properties without identifying the properties. While the attachment is for an alleged illegal gratification of Rs 742 crore, the current market value of the properties in MRC Nagar and Boat Club Road, attached by the Directorate is estimated to be over Rs 1,000 crore.
Company's main contention is that the properties attached by the Directorate are "no way" connected with the alleged crime and these properties were purchased before the alleged period of crime, arguing that the order to attach these properties is liable to be set aside.
Admitting the petitions, Justice M Sathyanaranan has asked the Directorate to file counter and posted the case for hearing on Wednesday.
Enforcement Directorate, through an order dated March 31, 2015, said that the properties and shares of the Maran brothers (Kalanithi and former Union Telecom Minister Dayanidhi Maran) and Kaveri Kalanithi (wife of Kalanithi) were attached by the Directorate in respect of the offence of money laundering relating to the illegal gratification amounting to Rs 742.58 crore received by Dayanidhi Maran.
"The offence of money laundering under Section 3 of PMLA is being investigated in respect of the offences punishable under section 120-B of IPC read with section 7, 12 and section 13(2) read with section 13(1)(d) of PC Act, which are scheduled offences under PMLA and is punishable under Section 4 of the Act," it said
The properties attached include Kalanithi's shares worth Rs 139 crore in Sun Direct TV Pvt Ltd, free hold land and building owned by Sun Network TV Pvt Ltd worth Rs 266 crore, land and building owned by Kal Comm Pvt Ltd worth Rs 171.55 crore, fixed deposit held by Kalanithi Maran of Rs 100 crore, fixed deposit held by South Asia FM Ltd worth Rs 31.34 crore, fixed deposits held by Dayanidhi Maran and others for Rs 7.47 crore and fixed deposits and mutual funds held by Kaveri Kalanithi worth Rs 1.30 crore and Rs 1.78 crore each.
In 2011, CBI has filed chargesheet against the Maran brothers, Malaysian business man T Ananthakrishnan and Maxis Communications, a company then promoted by Ananthakrishnan, Sun Direct TV and Astro All Asia Networks among others.
Sun TV in its petition, said that it has no direct or indirect linkage with the companies alleged to have received and utilised the proceeds of crime. The order is bad in law as it is a blanket order without even identifying and specifying the properties attached, which is mandatory under PMLA (Prevention of Money Laundering Act).
It further stated that when the alleged proceeds of crime are still lying in the hands of the alleged accused, the action of the Directorate in not attaching those assets or properaties and attaching the property of the petitioner which is totally unconnectede is highly arbitrary, illegal and against all norms of law and beyond the scope of PMLA. The alleged accused have no control over the day to day affairs of the Company, as it is run by a board comprising 50 per cent independent directors and is governed by the Listing Agreement, it added.
