1997 (12) TMI 675

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....ls, together with dispensation applications, have been filed against common Adjudication Order No. ADJ/92-B/SDE/PKA/97/4941, dated 20-6-1997 under which a penalty of Rs. 7 lakhs has been imposed on the appellant-company for their failure to receive the proceeds of exports to the extent of US $94,632 thereby, contravening the provisions of section 18(2) and 18(3) of the Foreign Exchange Regulation ....

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....d the submissions. Since the appellants' applications for write-off of the outstanding amounts of exports proceeds are under consideration of the RBI, the adjudication proceedings were premature as against the appellant-company. In the circumstances, the question of imposition of any penalty on the appellant in Appeal No. 346 of 1997 does not arise. We, therefore, waive the requirement of pre-depo....

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.... some times the RBI does not take any decision on the applications for write-off or extension of time on the plea that the matter has already been referred to the Enforcement Directorate. We, therefore, feel it necessary, before parting, to observe that in the cases where in the course of investigation or in reply to the show-cause notice, it is brought out that the person investigated against has....