Contravention of sections 18(2) and 18(3) read with section 64(2) of FERA, 1973 established. Company...

Contravention of sections 18(2) and 18(3) read with section 64(2) of FERA, 1973 established. Company failed to recover export dues without RBI permission or extension. Appellant admitted contravention for one consignment but challenged disproportionate penalty of Rs. 50 lacs compared to Rs. 45 lacs on main defaulter. AT found collusion between appellant and others in making exports and receiving incentives. While upholding contravention, AT reduced appellant's penalty to Rs. 14 lacs from Rs. 50 lacs, considering already deposited Rs. 6 lacs, to maintain rationality with penalty on main defaulter. Appeal partly allowed. .....

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