2009 (7) TMI 772

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....l Shah and Mr. Mahesh Ramniklal Shah, have filed the present petition against the order dated 6-3-2006 passed by Appellate Tribunal for Foreign Exchange rejecting their applications for dispensation of pre-deposits of the penalty amount of Rs. 5,00,000 and Rs. 5,20,000 respectively imposed on them by the Adjudicating Authority under the Foreign Exchange Regulation Act, 1973 ('Act', for short). 2.....

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....e has also drawn my attention to order dated 30-6-1997 passed by Foreign Exchange Regulation Appellate Board and it is stated that in identical facts the penalty orders were quashed. This aspect has not been considered by the Appellate Tribunal. 4. On the last date of hearing, learned counsel for the petitioners was asked to obtain instructions whether they are ready and willing to deposit part p....