2008 (9) TMI 679

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.....R. Prasad, SDR, for the Respondent. [Order per : Archana Wadhwa, Member (J)]. -  The prayer in the application is to dispense with the condition of pre-deposit of penalty of Rs. 50 lakhs imposed upon Shri N.K. Didwania, Director of M/s Hazel Mercantile and of Rs. 25 lakhs imposed on Shri Ashok Desai, employee of M/s Hazel Mercantile. As per the facts on record, one M/s Silicon Industri....

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.... who has subsequently sold the same in open market. We find that originally show cause notice was issued to M/s Silicon Industries on 7-5-04, without making any proposal to impose penalty upon the present appellant. They were not served with a copy of the show cause notice. It is only subsequently on 29-12-06 and an addendum show cause notice was issued. Based upon the facts that Shri Sandeep Mans....