2005 (7) TMI 735

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.... ORDER 1. This order of the Appellate Tribunal for Foreign Exchange is delivered by O.P. Nahar, Chairperson. This is an appeal challenging adjudication order No. SDE-III/Adj./54/2004/AO(PKM) dated 17-2-2004 passed by Adjudicating Officer, Enforcement Directorate imposing penalty of Rs. 50 lakhs against the appellant for contravention of provisions of section 18(2) read with section 18(3) of....

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....will cause undue hardship. This application for modification was heard and disposed of by order dated 3-12-2004 when the appellant was represented by learned counsel Shri P. Ojha. After giving him a patient hearing a more considerate view was taken in favour of the appellant who was permitted to submit unconditional bank guarantee of 20 per cent of the amount of penalty within 30 days from 3-12-20....

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....alty was permitted to be deposited. Almost a year has passed but appellant did not show his bona-fides inasmuch as that no efforts are seen on record whereby the appellant tried to comply with the orders passed by this Tribunal. Even small amount of money was not deposited by the appellant in compliance with the order dated 5-7-2004 which was further modified permitting the appellant to submit unc....