2017 (10) TMI 352

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....Section 19(1) of the Foreign Exchange Management Act, 1999 ('the Act' for short); operative portion of the order reads as follows: "11. The applications for stay and waiver from pre deposit of penalty amount are disposed of with the directions that the recovery of the amount of penalty imposed through the Impugned Order shall remain stayed till the disposal of the appeals provided the applicants/appellants deposit 10% of the total amount of penalty imposed against them individually through the Impugned Order within 30 days from the date of communication of this order and further furnish reliable security otherwise than bank guarantee of 40% of the amount of total penalty imposed against each of them within the same period. List the instant....

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....have an arguable case. In view of the case laws, Banara Walls Ltd. Vs. Commissioner, Central Excise and Anrs. (2006) 13 SCC 347, Monotosh Shah Vs. Special Director, Enforcement Directorate (2008) 12 SCC 359, Nimesh Suchde Prop. Siddharth Polimers Vs. Union of India (2011) 107 SCL 183 (Delhi), We are of the view that it will be fair, just and proper that the applicants/appellants be allowed partial waiver as case for complete waiver is not made out in the back drop of circumstances placed before us. 9. Consequently in our view, the ends of justice will be met and the interest of revenue will be secured if the applicants/appellants are directed to deposit 10% of the total amount of penalty imposed against them individually through the Impugn....