2007 (2) TMI 728 - AT - FEMA

Summary

The appeal was filed against an adjudication order imposing a penalty on the appellant-company and its Managing Director for contravention of FERA, 1973. The Tribunal allowed the appellant-company to make a pre-deposit of 10% of the penalty amount and the Managing Director to submit an unconditional bank guarantee. The appellants failed to comply with the order, leading to the dismissal of the appeals for non-compliance.