2015 (10) TMI 2862

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....the petitioner to deposit 15% of the penalty amount and to furnish a security for the balance amount of 85% within 30 days from the date of communication of the order as a pre-deposit. 2. The facts, in brief, necessary for adjudication of the present petition as narrated therein are that the officials of the Enforcement Directorate, Jalandhar searched the residential premises of various persons including the petitioner and seized Rs. 60,000/- of the petitioner. The statements of the said persons were recorded under Section 40 of the Foreign Exchange Regulation Act, 1973 (in short "the FERA"). On completion of investigation, a memorandum dated 20.8.1996 (Annexure P-1) was issued to the noticee including the petitioner. The petitioner submit....

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....itioner submitted written submissions vide letter dated 10.2.2012 (Annexure P-11). The adjudicating authority vide order dated 27.3.2014 (Annexure P-12) held that Ramesh Kumar-petitioner along with Som Nath Sikka have contravened Sections 9(1)(b) and 9(1)(d) of the FERA to the tune of Rs. 1,71,11,000/-, Raj Kumar has contravened FERA to the tune of Rs. 5,87,000/- and Tilak Raj has contravened FERA amounting to Rs. 6,59,000/-. The adjudicating authority imposed the penalty of Rs. 34,00,000/- each upon the petitioner and Som Nath Sikka, Rs. 1,10,000/- on Raj Kumar and Rs. 1,30,000/- upon Tilak Raj. The amount of Rs. 60,000/- along with interest as on 27.3.2004 totaling Rs. 2,39,286/- was adjusted against the penalty of the petitioner and rest....