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2019 (8) TMI 138 - HC - FEMAPermission for withdrawal of petition - Time limitation of Adjudication proceedings under section 13 of FEMA Act - HELD THAT - It is the Petitioner's contention that the proceedings which are being contemplated against the Petitioner relate to issues which are over 10 to 12 years prior to the issue of the notice. Thus, causing it prejudice. We trust that the submissions made by the Petitioner would be duly considered by the Adjudicating Authority while taking a decision thereon. Petition disposed of as withdrawn with liberty to file a further representation/reply to the impugned notice dated 15th April, 2019 within two weeks from today.
Issues:
Challenge to show cause notice under Foreign Exchange Management Act, 1999 (FEMA) - Prematurity of the petition - Representation filed by the Petitioner - Opportunity to show cause against adjudication proceedings - Consideration of submissions by Adjudicating Authority - Withdrawal of the Petition with liberty to file a further representation/reply. Analysis: The High Court of BOMBAY HIGH COURT dealt with a case where the Petitioner challenged a show cause notice dated 15/01/2019 issued by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999 (FEMA). The Respondent argued that the challenge was premature as the notice was issued under Rule 4(1) and (2) of the Foreign Exchange Management (Adjudication Proceedings & Appeal) Rules, 2000, providing an opportunity for the Petitioner to show cause against adjudication proceedings for contravention of Section 13 of FEMA. The Petitioner had filed a representation to the show cause notice, highlighting reasons why the adjudication should not proceed, citing prejudice due to the historical nature of the issues under consideration. The Court considered the submissions made by both parties and granted the Petitioner the liberty to withdraw the Petition with the option to file a further representation or reply to the impugned notice within two weeks from the date of the judgment. This decision allowed the Petitioner to address the concerns raised in the show cause notice adequately. The judgment emphasized the importance of due process and the opportunity for the Petitioner to present their case effectively before the Adjudicating Authority. Ultimately, the Petition was disposed of as withdrawn, with the specified liberty granted to the Petitioner to submit additional representations or replies within the stipulated timeframe.
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