2003 (9) TMI 657

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..... ion filed by the party for waiver of pre-deposit of penalty of Rs. 5,00,000/- and stay of the recovery proceedings. 2. Shri Rama Sarma, appearing for the appellants, in support of the stay application, submitted that the appellant was designated as Executive Director, but he was not taking any part in the day to day affairs and the Managing Director who was responsible for all the acts done by t .....

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..... records and Department was right in imposing the penalty of Rs. 5,00,000/-. She also submitted that she has no information whether the main party has filed any appeal or not against the same impugned order. 4. On careful consideration of the submissions made by both sides and submissions made by the counsel particularly with reference to the point that insolvency petition is pending before the A .....

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