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1996 (2) TMI 450 - HC - Companies LawExtract: .......said permission from the Reserve Bank of India has not been obtained, to that extent a nominal penalty at least, has necessarily to be levied. Therefore, we reduce the penalty from Rs. 3,600 to Rs. 500. To that extent, the appeal is allowed. In the circumstances, there will be no order as to costs. ------------------------- Here printed in italics.
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