9911796707
TMI Blog2012 (12) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... al directing the appellant to pre deposit 50% of the penalty amount i.e. Rs. 25 lacs out of Rs. 50 lacs imposed by the Adjudicating authority sustained. - FERA APPEAL NO. 20 OF 2012 - - - Dated:- 6-11-2012 - J.P. DEVADHAR AND M.S. SANKLECHA, JJ. R.K. Handoo, Yoginder handoo and M.S. Prasad for the Appellant. A.S. Rao and M.S. Bhardwaj for the Respondent. JUDGMENT M.S. Sanklecha, J - The issue raised in this appeal is whether the Appellate Tribunal for Foreign Exchange (Tribunal) was correct in law in directing the appellant by order dated 25/1/2008 to pre-deposit 50% of Rs. 50 lacs being the penalty imposed upon the appellant for violation of Foreign Exchange Regulation Act, 1973 (FERA) for the purposes of entert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I returned to India after 4-5 days and opened an account in the name of M/s. MICO Enterprises with a fictitious name D. Raj the said account was introduced by Shri. Ramesh A. Soni under my instruction this D. Raj once came to the Bank for opening the account No.2524 on 5/10/1990 with an initial deposit of Rs. 1000/- by me. Shri. D. Raj was sent to me by Vinod Shah who met me in Antwerp. Cheque book was obtained by Shri. Ramesh A Soni and signature of D. Raj was taken.To confirm the genuineness of Vinod Shah I got imported rough diamonds were US$ 93503 on 27/11/1990 this was a genuine import. In the above manner and as per agreed... (illegible) during January, 1991 and April, 1991, I received Rs. 29820000/- in cash through an unknown per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum up I can state that during January 1991 and April 191 a total amount of Rs. 60585000/- were deposited in cash in the account 2367 and 2368 and out of that Rs. 57585443 were transferred from both the accounts to the account of M/s. Diamount A/c. No.2174 and from that A/c. Foreign exchange equitent to US$ 2991100.15 were remitted to M/s. Diamblue against the Bogus Import documents supplied by Shri. Vinod Shah through a unknown person. In the same manner during the same period I received Rs. 43949000/- in cash from unknown person sent by Vinod Shah at the Bank after prior intimation on telephone through Ramesh A. Soni who received under my direction and deposited in A/c. No. 2524 of M/s. MICO Enterprises and the same amount was got remit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority records a finding of fact that from the case records it appears that the statements were not retracted though the appellant claimed before him that the same were retracted. In appeal, before the Tribunal from the order of the Tribunal dated 25/1/2008 it does not appear that the appellant contended that the statements made by him were retracted. The appellant appears to have contended/contested the pre-deposit before the Tribunal only with regard to financial hardship. However the appellant does not seem to have brought credible material on record to show that he is in no position to deposit the penalty as a condition for the hearing of the appeal on merits. 6. Before us, the learned counsel appearing for the appellant submits t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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