2019 (1) TMI 26

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....evity), dated 03.07.2018. 2.This civil miscellaneous appeal has been filed raising the following substantial questions of law:- "(i) Whether in the facts and circumstances of the case, the Hon'ble Tribunal has erred by failing to exercise the jurisdiction granted to it by the proviso to Section 19(1) of the Foreign Exchange Management Act, 1999 allowing waiver of deposit of penalty? (ii) Whether the Impugned Order of the Hon'ble Tribunal suffers from infirmity because of non-consideration of the case made out by the Appellant in favour of dispensing with the pre-deposit of penalty? (iii) Whether the Impugned Order of the Hon'ble Tribunal has erred by ignoring the principles laid down by the Supreme Cou....

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....ank accounts have become inoperative. However, those submissions were not considered by the Appellate Tribunal while disposing of the application for waiver. Again, by referring to the permission granted by the Reserve Bank of India dated 28.6.2010 in respect of one M/s.Skanda Marines Private Limited, he submits that it is accepted practice in the particular trade and permissions have been granted by the Reserve Bank of India to several others. It is further submitted that the Central Bureau of Investigation had commenced investigation in respect of certain transactions and that the proceedings have also been closed vide closure report before the Principal Special Judge for CBI Cases in Crl.M.P.No.379/2012 in RC.No.24/A/ 2011 dated 20.1.201....

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....d to the prima facie case, which they sought to focus before the Appellate Tribunal. This Court will consider the submissions on either side after the learned Central Government Standing Counsel appearing for the respondent obtains full written instructions from her client and if necessary, files an affidavit on behalf of the respondent. 8. However, in the meantime, since there is a likelihood of certain precipitative actions initiated against the appellant, there will be a direction to the appellant to pay a sum of Rs. 5,00,000/- (Rupees five lakhs only), as directed by the Adjudicating Authority, by drawing a demand draft in favour of the Drawing and Disbursing Officer, Office of the Joint Director, Directorate of Enforcement, pa....