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Issues involved:
The judgment involves the contravention of Sections 14 & 8(1) of the Foreign Exchange Regulations Act 1973, penalties imposed by the Dy. Director, Directorate of Enforcement, Mumbai, reduction of penalty amount by the Appellate Tribunal, and challenges to a common appellate judgment and order by the appellants in four appeals. Details of the judgment: Contravention of FERA Sections 14 & 8(1): The appellants were found to have contravened Sections 14 & 8(1) of FERA, leading to penalties imposed by the Dy. Director, Directorate of Enforcement, Mumbai. The Appellate Tribunal partly allowed the appeals, upholding the charges and findings but reducing the penalty amount by 50%. Facts leading to adjudication: - M/s. Telstar Travels Pvt. Ltd. operated a ticketing business for crew members working in ships, evolving a method to purchase air tickets abroad. - Mr. Rajesh Desai, son of the Managing Director, entered into an agreement with a foreign travel agent, involving an account in Geneva operated by Mr. Shirish Shah. - The foreign account was allegedly operated illegally by M/s. Telstar Pvt. Ltd., with Rajesh Desai instructing on transactions. - Statements of involved parties and corroborative evidence supported the allegations of illegal operations. Concurrent findings and evidence: - Statements of involved parties, documents seized, and corroborative evidence supported the allegations of illegal operations. - The Appellate Tribunal relied on various statements, documents, and an enquiry report to confirm the illegal operations. Judgment: After reviewing the evidence and findings, the Court found no legal issues to interfere with the substantial penalty deduction by the Appellate Tribunal. The judgment summarily dismissed the appeals, upholding the penalties imposed for contravention of FERA sections. This summary provides a detailed overview of the issues, facts, findings, and the final judgment in the case without revealing specific party names.
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