Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Whether penalty under s.13(1) FEMA for contravention relating to export proceeds/undervaluation should be enhanced up to three times was rejected because the provision prescribes only a maximum ceiling and no minimum or fixed penalty, leaving quantum to the adjudicating authority's judicious discretion based on facts and evidence. The adjudication order contained detailed, reasoned findings evaluating the record, and there is no statutory mandate to impose the maximum penalty merely because it is permissible. Consequently, the request for enhancement failed and the appeal was dismissed. - AT
Whether penalty under s.13(1) FEMA for contravention relating to export proceeds/undervaluation should be enhanced up to three times was rejected because the provision prescribes only a maximum ceiling and no minimum or fixed penalty, leaving quantum to the adjudicating authority's judicious discretion based on facts and evidence. The adjudication order contained detailed, reasoned findings evaluating the record, and there is no statutory mandate to impose the maximum penalty merely because it is permissible. Consequently, the request for enhancement failed and the appeal was dismissed. - AT
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