2009 (7) TMI 1397

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....late Tribunal for Foreign Exchange is delivered by Shri O.P. Nahar, Chairperson. 2. These appeals are filed against a common Adjudication Order No. ADJ/196/B-AKB/SDE/2002 dated 8.10.2002 passed by Special Director, Enforcement Directorate imposing a penalty of Rs. 70 lakhs against the appellant firm in appeal No. 264/2002 and Rs. 5 lakh each against other two appellants as Directors of the appell....

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....lications for dispensation of pre-deposit. When appellants were neither present nor represented despite notice and when a dispensation of 40% amount was allowed but appellants were directed to make pre-deposit of 60% amount of penalty within 30 days from the date of receipt of that order failing which these appeals will be dismissed on this ground alone. 4. Shri A.C. Singh, DLA on behalf of Enfor....

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.... satisfied that appellant was prevented by sufficient cause from filing the appeal in time. Provided further that where the Appellate Board is of opinion that the deposit to be made will cause undue hardship to the appellant, it may, in its own discretion, dispense with such a deposit either unconditionally or subject to such conditions as it may deem fit." 5. The statutory scheme containe....