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of Penalty imposed on directors for contravening Export regulations under FEMA due to non-realization of export proceeds. No documentary evidence provided to support claims of efforts made to realize proceeds. Tribunal directed deposit of 10% penalty amount with bank guarantee for remaining 90% within 30 days. Legal suits withdrawn from Mumbai High Court and refiled in High Court of Justice, London. Company failed to realize export proceeds for US$ 9,03,000 negotiated through bank. RBI refused further extension and placed company under caution list restricting exports. No evidence of suit filed in London Court or direction from court to buyers to pay pending proceeds. Conduct of filing and withdrawing writ petition before Bombay High Court not considered reasonable step. Failure to show correspondence with Indian High Commission in London despite RBI directions. Appellants were directors responsible for company affairs during relevant period. Efforts to keep RBI informed and global recession faced by buyers noted. Contravention of FEMA provisions upheld, but penalty reduced to Rs. 2,00,000 each for appellants in the interest of justice.
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