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2003 (9) TMI 657

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....[Order (Oral)]. -  This is an application filed by the party for waiver of pre-deposit of penalty of Rs. 5,00,000/- and stay of the recovery proceedings. 2. Shri Rama Sarma, appearing for the appellants, in support of the stay application, submitted that the appellant was designated as Executive Director, but he was not taking any part in the day to day affairs and the Managing Dir....

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