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2012 (8) TMI 414 - BOMBAY HIGH COURTFiscal Penalty imposed for alleged violation of provisions of Section 11(2) of the Foreign Trade (Development & Regulation) Act, 1992 on nominee directors - failure to fulfill the export obligation under DEPB licenses - Held that:- It is relevant to note that neither in the showcause notice it is alleged nor in the orders impugned in the petition any finding is recorded to the effect that the petitioner, a nominee director had aided or abeted in contravening the provisions of the Act. In the absence of any such finding recorded, imposition of penalty on the petitioner nominee director on the ground that the petitioner has violated Section 11(2) of the 1992 Act cannot be sustained - Decided in favor of petitioner
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