December 28, 2010 01:54:03 PM IST Pankaj Sabnani, Glamsham Editorial
Contrary to media reports stating that Adnan Sami's property has been confiscated and sealed by the Enforcement Department, Adnan Sami in his Oberoi Sky Garden residence at Lokhandwala said that he is still allowed to stay at his place.
Said Adnan, "This decision is of a tribunal court. Many have this misconception that the property is immediately confiscated from me. That is not correct. We have been given 45 days to appeal and we will appeal. There are many legal factors and we will address them in the court of law."
His lawyer Vibhav Krishna said that Adnam Sami will continue staying at his home. "Today it is only an adjudication by an authority. They have not locked it. It's not a confiscation or an execution of the order. He'll stay here and file his appeal and await the adjudication of the appeal. He has this roof to stay."
A few days back, Adnan Sami was issued a notice by the Enforcement Directorate (ED) for owning eight flats and five car parking spaces in Mumbai without seeking permission from the Reserve Bank of India. A fine of Rs.20 lakh has also been slapped on the singer.
According to the Foreign Exchange Management Act (FEMA) 2000, any national belonging to Pakistan, China, Nepal, Sri Lanka is required to seek permission from the RBI before buying or selling any immovable property in India. So, this disqualifies Adnan, who is from Pakistan, from buying any property in India.
Adnan had bought his Lokhandwala property in 2003 on the suggestion of his friend Vikas Oberoi, who was also entrusted to complete the formalities. Adnan had also taken a 1.5 crore loan from Axis Bank, which was approved after the necessary formalities. According to Vibhav Krishna, Vikas Oberoi had kept Adnan under the dark about RBI's disqualification notice.
"Vikas Oberoi didn't inform Adnan about the notice he had received from RBI. He also went ahead and completed the transaction," said Vibhav.
Adnan added, "If anyone would have informed me about the truth (RBI's disqualification notice), why would I go ahead with the transaction? It would have been my loss. I don't have any money to waste. It's my hard earned money."
There was also a dispute between Adnan Sami and his former wife Sabah Galadari over the property.
"Yes, there was. I didn't buy the property on her name. It was given to her by me as a gift. In the light of today's order, the gift has been declared null and void. That whole aspect of her wanting to claim the property as of this order ceases to exist."
Only time will tell what the future holds for Adnan Sami now and the future doesn't appear very bright.