2003 (5) TMI 542

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....) and were imposed with a penalty of Rs. 70,000 each. 2. The adjudication proceedings were held against both these appellants M/s. Sheela Trading Company as R-1 and the Proprietor thereof as R-2. 3. The charge against these appellants and the co-noticee was that they had failed to realise the export proceeds for the 7 Shipments of garments exported to M/s. Mac Textilegsellschaft, Germany during 1991 value whereof was declared as DM 1,14,054 and so had contravened the provision of section 18(2) and 18(3) of the Act, per show-cause notice bearing No. T-4/54-BZ/BAN/2000 dated 20-12-2000, hereafter termed as "SCN". The SCN was served on the erstwhile Proprietor, on behalf of the concern; no reply was filed in response to the SCN. So....

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....records unerringly reveal that the appellant had not cared to submit any defence in reply to the respondent herein (the Enforcement Directorate) which called for at the enquiry held in furtherance to the information they had received from the Reserve Bank of India regarding the non-realisation of exports proceeds by the appellant concern, in time despite a reply by way of request for time for submissions. 7. It was further reveal that all export bills in respect of the appellant pending with Syndicate Bank, Bangalore were cleared off and that the export proceeds against the 7 GR totalling to DM 1,14,054 equivalent to Indian Currency Rs. 14,12,950 was outstanding for more than 180 days. From Canara Bank the Company's Banker had also the Dir....