Shell companies are defined as those firms which are set up by nominal paid-up capital, high reserves and surplus on account of receipt of high share premium, investment in unlisted companies, no dividend income or high cash in handamong others.The charge sheet said Mallya had "formed a complex web structure of his group companies so as to indirectly control their affairs.Describing how the alleged siphoning off the funds happened in this case, the agency said, "It is suspected that major portion out of amount of Rs 417.Thus, it said, the accused have been "actually involved" with the concealment, possession, acquisition and use of the proceeds of crime and therefore knowingly and intentionally in the activity of money laundering as defined under section 3 of the PMLA and are liable for punishment under section 4 of thePMLA.""He has nominated directors in those companies who were either his personal staff, retired company official or a third China clear acrylic sheets manufacturers person," it said..

The total loan sanctioned and disbursed by the IDBI bank to KFA was Rs 860..A total of 9 accused have been named in the charge sheet by the ED including Mallya, Kingfisher Airlines (KFA), United Breweries (Holding) Limited and senior employees and executives of the now-defunct airline and the IDBI (Industrial Development Bank of India) bank. "An amount of Rs 63.Directors are dummy directors acting on behalf of Mallya."Thus, the acts of Mallya, Ms UBHL and others, establish that a criminal conspiracy was hatched for obtaining or sanctioning of bank loan to KFA in gross violations of established procedures and the airline had no intention forrepayment of loan of Rs 900 crore since beginning.92 crore.The over 5,000 page charge sheet or prosecution compliant, with 57 pages of the main report and rest annexures, has been filed before a special PMLA court in Mumbai."The said loan amount along with interest totalling Rs 1,301.67 crore therefore falls within the sweep of the proceeds of crime in terms of section."Mallya was holding directly or indirectly movable and immovable assets, in the form of shares of public listed companies, by way of creating a web of shell companies