2025 (1) TMI 947

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....Exchange Regulatory Act, 1973 (in short "the Act of 1973"). It was alleged that M/s Sparkle Gems Industries (P) Ltd. Bombay failed to realize the export proceeds within a period of six months from the date of the export therefore it contravened Section 18(2) r/w Section 18(3) of the Act, 1973 was made. 2. M/s. Sparkle Gems Industries (P) Ltd. Bombay made the export of Diamond worth of Rs. 3,34,40,756 to Hongkong in the year 1989 but failed to realize the export proceedings. The penalty of Rs. 85 Lakhs was imposed on M/s Sparkle Gems Industries (P) Ltd. Bombay while Rs. 50 Lakhs on the appellants and another. 3. The counsel for the appellant submitted that the appellant was not an exporter and was not even having position in the company to....

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.... 1973. It is alleging that M/s Sparkle Gems Industries (P) Ltd. Bombay failed to recover the export dues within the stipulated period of six months. So far, the appellant is concerned, he is said to be an export proceeds agent in the Diamond market. He cannot be said to be a part of the company defaulted in recovery of the proceeds of export. The fact aforesaid is born out from bare perusal of Para 22 of the impugned order which is quoted under: 22. The notice Shri Hasmukhlal M. Shah, while describing his role in the export  of M/s Sparkle Gems Industries (P) Ltd. in his statement dt. 7.2.90 recorded under Section 108 of the Customs Act, 1962, has inter alia admitted that he was working as an export procedure agent in the diamond exp....