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As the FIRC was not proper and since RBI approval was not provided to complete the sale, even after a year, the third Respondent Company issued a legal notice dated 19.02.2010 after several follow ups and terminated the sale and asked Corsair Investment LLC, SCB and Starship Equity Holdings Ltd., to take back the money and give back its 13,455 equity shares.

It is contended that after sending the legal notice, the third respondent - Company also asked its banker, Axis Bank to run a tracer on the remittance of Rs. 32.53 crore that it had received and it came to know that the money deposited on behalf of Starship Equity Holdings Limited was actually done by pledging TMB shares owner by third Respondent Company illegally by Corsair Investments LLC, Standard Chartered Bank and Starship Equity Holdings Limited and raising a loan over the same in Mauritius in the escrow account and sending the said money to it as sale consideration. None of this had RBI approval.

This tracer information depicts that on the date of remittance of Rs.32.53 crore i.e. 15.05.2007 into the account of third Respondent Company, Starship Equity Holdings Ltd., had not deposited any money into the Project Windmill escrow account nor was it part of the escrow account.

It is contended that the money received by the third Respondent Company was illegal, without its knowledge and violated Indian laws and hence could not be accounted by it and became a liability in its hands, causing it wrongful loss and hardship. The tracer also showed that the bank account of Starship Equity Holdings Ltd., never even existed on the date of remittance with Standard Chartered Bank, nor was it a part of the escrow and the money was paid by Standard Chartered Bank on the security of the third Respondent Company's TMB shares, without its knowledge, illegally by violating Indian laws.

Thus, the tracer run by Axis Bank at page 98 of Annexure R11 which states that banking relationship as per KYC from date of remittance of the amount of Rs. 32.53 crore i.e. 14.05.2007 by SCB Project Wildmill Escrow account into the account of third Respondent Company in Axis Bank, Bangalore till date of the tracer i.e. 15.03.2011 is 3.8 years is prima facie correct.

Hence, it is contended that the account statement of Project Windmill Escrow account is SCB Mauritius at Annexure R13 at page 123 discloses the first entry from the top for USD 1,796,307.00 is on 11.07.2008. The said entry depicts that a credit for the said amount has been made by Starship Equity Holdings Ltd., for the first time into the escrow account.

Thus the tracer run by Axis Bank at page 99 of Annexure R11 which states that banking relationship as per KYC from date of remittance of the amount by Starship equity Holdings Ltd., into the escrow account i.e. 11.07.2008 till date of the tracer i.e. 15.03.2011 is 2.7 years is prima facie true and correct. This tracer information depicts that on the date of remittance of Rs.32.53 crore i.e. 15.05.2007 into the account of third Respondent Company, Starship Equity Holdings Ltd., had not deposited any money into the escrow account nor was it part of the escrow account and thus the money did not come from Starship Equity Holdings Ltd., SCB, Corsair and Starship Equity Holdings Ltd., conspired to issue a forged and fabricated FIRC at Annexure R10 at page 96.