2007 (2) TMI 728

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....ication order No. DD/1/BZ/BAN/2005/FERA/VS dated 31-1-2005 passed by the Deputy Director, Enforcement Directorate whereby a penalty of Rs. 4,00,000 was imposed on the appellant-company and Rs. 1,00,000 on Managing Director for contravention of sections 18(2) and 18(3) read with sections 68(1) and 68(2) of FERA, 1973. 3. The application for dispensation of making pre-deposit of penalty as per the ....

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....ppellants and stated that the order dated 25-8-2005 could not be complied with and prayed for extension of time. The appellants were granted 60 days time from that date. 4. Today appellant is neither present nor represented. Shri T.K. Gadoo, DLA represented the respondent. However, this Tribunal has received a telegram from the appellant in Appeal No. 266/05 seeking adjournment on the ground of i....

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....ch a situation it is crystal clear that the appellants have failed to make necessary pre-deposit and to furnish bank guarantee in compliance with this Tribunal's interim order. 5. The Scheme provided by the statute of section 52(2) of FERA, 1973 requires making pre-deposit of the penalty unless the Tribunal permits any dispensation with or without conditions it deems fit. The appellants have ....