1996 (2) TMI 366 - HC - Companies Law

Summary

The High Court of Madras upheld a penalty of Rs. 10,000 on the appellant for contravening section 9(1)(a) of the Foreign Exchange Regulation Act, 1973. The appellant deposited sale proceeds in a joint bank account, leading to the contravention. The court rejected the argument that it was a technical violation and dismissed the appeal, maintaining the penalty.