2007 (9) TMI 424 - HC - Companies Law

Penalty - Adjudicating authority imposed penalty on appellants for contravention of provisions of Act

Summary

The High Court of Bombay upheld the reduction of penalty imposed by the appellate authority on the appellants for not having permission from RBI, despite their claim of no default. The penalty was reduced based on the discretion of the appellate authority, leading to the dismissal of the appeal.