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TMI Blog2024 (11) TMI 797X X X X Extracts X X X X X X X X Extracts X X X X ..... r cent of the penalty within 30 days of the receipt of the Order - on legal advice they withdrew their suits before the Mumbai High Court and fresh legal suits were filed in the High Court of Justice, London. HELD THAT:- We find that with respect to these appeals the Company M/s Mrugank Investments Limited failed to realize the export proceeds in respect of G.R.No.AU701578 dated 10.08.2000 for US$ 9,03,000/- negotiated through the Global Trust Bank Limited. It is also a matter of record that the RBI had refused further extension of time to realize the proceeds and had put the Company under the caution list restricting its right to make further exports. There is nothing on record to show that a suit was filed in the London Court. In fact, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FEMA 1999. However, the ends of justice will be met on reduction of the penalty amount on the two Appellant Directors to Rs. 2,00,000/- each. - JUSTICE MUNISHWAR NATH BHANDARI, CHAIRMAN SHRI BALESH KUMAR, MEMBER For the Appellant: Counsel appeared For the Respondent: Mr. Mohd. Wasay Khan, Adv. Mrs. Zeba Tarannum Khan, Adv FINAL ORDER This Order disposes of the Appeal No.FPA-FE-150/MUM/2010 filed by Sh. Rais Ahmed and Appeal No.FPA-FE-151/MUM/2010 filed by Shri Abdul Sagir Khan against the Order No.ADJ/11/B/SDE/RAJ/2010 /FEMA 330 dated 14.05.2010 passed by the Special Director, Enforcement Directorate, Mumbai arising out of Show Cause Notice (SCN) No.T-4/32- B/SDE/KNR/05 dated 10.10.2005. Penalty of Rs. 40 Lakhs was imposed on M/s Mrugank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and personal reminders were sent by the Directors to buyers to expedite the payment of outstanding export proceeds. Various personal visits were also undertaken to the buyers, which, in fact, resulted in realization of part of outstanding export proceeds. They had also brought the progress made to the notice of the Reserve Bank of India (RBI). The RBI considered their efforts favourably and, therefore, granted necessary extension in the period required for realization. They also instituted legal cases against their buyers before the Mumbai High Court. However, on legal advice they withdrew their suits before the Mumbai High Court and fresh legal suits were filed in the High Court of Justice, London. In view of the reasonable steps which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered the rival submissions and perused the material available on record. We find that with respect to these appeals the Company M/s Mrugank Investments Limited failed to realize the export proceeds in respect of G.R.No.AU701578 dated 10.08.2000 for US$ 9,03,000/- negotiated through the Global Trust Bank Limited. It is also a matter of record that the RBI had refused further extension of time to realize the proceeds and had put the Company under the caution list restricting its right to make further exports. There is nothing on record to show that a suit was filed in the London Court. In fact, the Appellants have failed to produce any evidence to corroborate any direction from the London Court to their buyers to pay pending export proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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