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2011 (6) TMI 646 - AT - CustomsWaiver of pre-deposit and stay of recovery - stay applications filed by the three Directors of the company were allowed as per the said order dated 3-12-10, subject to compliance by the company with the above direction for pre-deposit - company did not make any pre-deposit – Held that:- Managing Director was admittedly looking after the day-to-day affairs of the company. He executed the bond on behalf of the company and was aware of the obligations of the company. None of the Directors filed any reply to the show-cause notice, and therefore the allegations raised against them in the show-cause notice for imposing penalties under Sec. 112 of the Customs Act remained undenied, appellants are liable to be penalized under Sec. 112(a) of the Customs Act, they have not produced any evidence of the latest financial status. Hence the plea of financial hardships is unsustainable, appellants directed to pre-deposit
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