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2010 (10) TMI 79 - HC - Companies LawWhether the command of section 49(3) of FEMA is that no adjudicating officer shall proceed under section 51 of FERA and that deals with enquiry and eventually imposition of penalty if he finds that there has been any contravention? Held that:- As in the case at hand, the language employed in section 49(3) is absolutely clear, precise and certain and does not admit of any other interpretation and the legislative intention is absolutely clear. The legislative purpose is that the adjudicating officer shall not take notice of any contravention after the expiry of period of two years from the date of commencement of FEMA It is so as the first show-cause notice, which was issued on 28-2-2010, clearly shows application of mind to the proceeding which is sought to be adjudicated. The entire allegations have been brought on record. Similarly, from the second show-cause notice, it is clear as day that the entire allegations were put to the appellant. There cannot be any dispute over the same. The word ‘enquiry’ used in section 51 has its own significance and the enquiry commences from the stage of issue of a notice to show cause under rule 3(1) and such an interpretation is in accord with the terms of section 49(3) of FEMA. Ex-consequenti, the appeal, being sans substance, deserves to be dismissed and, accordingly, it is so directed.
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