2025 (9) TMI 1222

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....osit to maintain the appeal under section 19 of Foreign Exchange Management Act of 1999 (FEMA) (in short, the Act of 1999). 2. The appeal by Navyug India Limited and Santosh Parmar has been listed on 14.05.2025 finding an order of Punjab and Haryana High Court where the appellant preferred a writ petition bearing number 9627/25. The High Court found that the application for waiver of pre-deposit is pending before the Tribunal and the grievance of the appellant is that application has not yet been decided. A direction was accordingly given to decide the application for waiver as expeditiously as possible preferably within four weeks after obtaining response from the ED. The ED has already submitted response and finding an order of the High ....

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.... of Rs. 2 crore while his annual income is around Rs. 23 lakhs. The prayer was accordingly made to grant waiver from the condition of pre- deposit. 8. The learned counsel for the respondents submit that no pleading in reference to the financial condition of the appellant company and individual has been given in the application to seek waiver of the condition of the pre-deposit on financial ground. The appellant has even failed to produce any document to indicate the financial condition of the company or the individual. Thus, without a substantive pleading with supporting document, the argument raised by the appellant may not be accepted. 9. The learned counsel for the appellants at this stage submitted that appellant has strong case on me....

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.... had employed many persons to distribute the payment received by him. The source to receive the fund is through certain entities showing them to be involved in export of the goods. 12. The respondents conducted search of the residential premises of Dr. Naginder Khera where they found incriminating documents to show hawala transaction. The statement of Dr. Naginder Khera was recorded on 12.11.2003 under section 37 of the Act of 1999. The document seized from him were containing details of the payment received from different persons/entities which includes even the appellant. The details of the persons in Toronto, Canada and the entities were revealed during the course of the search. 13. So far as the appellant is concerned, it was revealed....

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....he subsequent statement on 17.01.2006 stated that amount totaling to Rs. 12,19,24,388/- was transferred from the bank account of M/s Rina International Mumbai and M/s Ruchika International during the year 2001 to 2003 to his company M/s Navyug India Ltd., Jalandhar. The appellant Santosh Parmar was again confronted with the documents seized from the residential premises of Naginder Khera to indicate that payment of 12.50 crore was given to arrange TTs for the two companies of Mumbai from whom he received the payment of 12.90 crore, as admitted. The payment from two units could not be denied, though it was submitted that the receipt of the amount was towards the sale but appellant failed to prove it. The detailed assessment of the case was m....