Validity of Order u/s 17 of FEMA challenged for lack of hearing opportunity. Writ petition allowed due to delay and violation of natural justice.

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....The High Court examined the validity of an order issued u/s 17 of FEMA, where petitioners claimed lack of hearing opportunity. The court ruled that availability of statutory appeal doesn't bar writ petition u/s Article 226 if fundamental rights or natural justice principles are violated. Lack of opportunity to challenge information gathered unfairly breached natural justice. Delayed penalty imposition for non-realization of export proceeds was unfair, as petitioners were not given a chance to defend against alleged contraventions. The first petitioner, no longer operational, faced unjustified delay in notice issuance after over a decade, leading to quashing of the order and demand notice in favor of the petitioners.....