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2009 (5) TMI 548 - HC - Companies LawPartly waiver of deposit towards pre-deposit - Held that:- In the present case, the amount in the said bank accounts also stands frozen. Further no material has been placed before us to show that the appellant had actually operated the said account. In fact, as per the adjudicating authority itself had the appellant succeeded in showing that there was a will in existence as per which the funds in the accounts had been assigned to another person, the story would have been different. In view of this the appellant has succeeded in making out a prima facie case in its favour and the balance of convenience qua the deposit lies in the appellant’s favour and insistence on the deposit of the same at this stage would cause undue hardship to the appellant. Accordingly,the order of the Appellate Tribunal dated 7-11-2008 set aside and the impugned order of the learned Single Judge dated 10-2-2009 and grant waiver of pre-deposit of penalty amount as a pre-condition for hearing of the appeal of the appellant under section 19(1) of FEMA. Matter remanded back .
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