Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Duty Drawback - Levy of penalties or abetment - The appellant, implicated in a fraudulent drawback scheme, was found to have abetted by creating a fake identity for the real exporter and assisting in financial transactions. While incriminating evidence was found at appellant's residence, the penalties imposed on him were considered disproportionate. Consequently, the penalty was reduced from Three Lakh to Fifty Thousand Rupees, but no further interference with the order was made. - AT
Duty Drawback - Levy of penalties or abetment - The appellant, implicated in a fraudulent drawback scheme, was found to have abetted by creating a fake identity for the real exporter and assisting in financial transactions. While incriminating evidence was found at appellant's residence, the penalties imposed on him were considered disproportionate. Consequently, the penalty was reduced from Three Lakh to Fifty Thousand Rupees, but no further interference with the order was made. - AT
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