2005 (7) TMI 567

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..... : C.N.B. Nair, Member (T)]. Stay application is in regard to penalty of Rs. 5 lakhs imposed on Shri S.D. Kapoor. The proceedings were in regard to non-fulfilment of export obligation. Shri Kapoor was the Managing Director of the company M/s. Flistex Magnetics Ltd., Noida which failed to discharge the export obligation. 2. The submission of the learned Counsel for the applicant is that the .....

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