Home Case Index All Cases FEMA FEMA + HC FEMA - 2012 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 453 - HC - FEMARe-export the goods to avoid demurrage charges which it is incurring on daily basis - Held that:- Since as per the impugned order dated 23.03.2012, the petitioner is required to furnish a suitable security to the satisfaction of Development Commissioner (VSEZ), we are of the opinion that the petitioner should approach the aforesaid authority and offer this security bond. It is found that the assets of the petitioner are worth ₹ 125/- crores as claimed by the petitioner and after taking into account the liability to the bank as well as SEZ, the security of the said assets in the form of bond is adequate, we are confident that Development Commissioner (VSEZ) shall accept the Financial Security offered in the aforesaid manner and subject to the procedure / legal requirements for accepting the security deposit. The petitioner may approach the Development Commissioner (VSEZ) today itself for this purpose and the Development Commissioner (VSEZ) shall take a decision immediately. As far as the other prayers in the petition are concerned, the same are not pressed at this stage since these issues are still to be adjudicated upon by the Appellate Authority.
|