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The AT partially allowed the appeal, setting aside the Rs. 10 lakh penalty and land confiscation order related to the first contravention. The tribunal maintained penalties for two additional contraventions: (1) receiving foreign remittances not in the name of specific directors, and (2) failing to submit statements to RBI within 30 days. The court distinguished between corporate entities and individual directors, rejecting the appellant's argument about ownership. The land situated in plot no. 313/1, Village Siolim (8075 sq. mtr.) was restored to the appellant, while other penalties remained in effect, effectively providing a nuanced partial relief to the appellant company.
The AT partially allowed the appeal, setting aside the Rs. 10 lakh penalty and land confiscation order related to the first contravention. The tribunal maintained penalties for two additional contraventions: (1) receiving foreign remittances not in the name of specific directors, and (2) failing to submit statements to RBI within 30 days. The court distinguished between corporate entities and individual directors, rejecting the appellant's argument about ownership. The land situated in plot no. 313/1, Village Siolim (8075 sq. mtr.) was restored to the appellant, while other penalties remained in effect, effectively providing a nuanced partial relief to the appellant company.
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