2009 (7) TMI 772

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.... 1. The petitioners, Mr. Nitin Ramniklal 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 Re....

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....h the contentions raised by the petitioners. He 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 whet....

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....awn. The respondents will be entitled to enforce and encash the security in case of an adverse order against the petitioner. 5. The petitioners will also file an affidavit giving details of their bank accounts and details of their other immovable property(ies). The said affidavit will be filed with the Directorate of Enforcement within four weeks. The impugned order dated 6-3-2006 is modified i....