2002 (7) TMI 143

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....ember (J)]. - For reasons recorded below we waive pre-deposit of the penalty of Rs. 5 lakhs imposed upon the applicant who is the Director of M/s. Jai Bhagawati Impex Pvt. Ltd. and M/s. Wescon Exports Pvt. Ltd., and proceed to take up the appeal itself for hearing with the consent of both sides. 2. The case of the department is that M/s. Jai Bhagawati Impex Pvt. Ltd., and M/s. Wescon Exports Pv....