2009 (8) TMI 711 - HC - FEMA

Summary

The High Court of Delhi, under the citation 2009 (8) TMI 711, delivered a judgment by Anil Kumar, J., in response to a petition seeking the quashing of an order dated 12-8-2008 from the Appies Tribunal for Foreign Exchange. The order in question, related to Appeal Nos. 335 to 337/2003, directed the petitioner to deposit a penalty amount of Rs. 2 lakhs. The petitioner, Shri S.K. Mittal, had filed an appeal against a penalty of Rs. 6,41,18,065 imposed on him for contravention of sections 8(1), 9(1)(a), and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973. The court considered the petitioner's assets, his willingness to deposit further amounts, and the fact that he had already deposited Rs. 5 lakhs with the Adjudicating Officer. As a result, the court granted dispensation with the deposit of the penalty amount, applying this decision to all 178 pending appeals before the Appellate Tribunal. The petitioner, in the present case, had deposited the required amounts by specified dates, leading to the allowance of the writ petition and the disposal of all pending applications. The order of 12-8-2008 was set aside, and the Appellate Tribunal was directed to decide the appeal without insisting on the pre-deposit of the entire penalty amount, in line with previous orders. The parties were left to bear their own costs.