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2008 (11) TMI 260 - HIGH COURT OF JUDICATURE AT MADRASPenalty and interest - Immunity/waiver - Held that:- As no reason stated in the order as to why the request of the petitioners' company for waiver of the penalty was rejected. Though it is now argued by the learned counsel for the respondents that the petitioners' company is not entitled for waiver on the ground that full and true disclosure was not made by the petitioners and that the Company is not a Sick Industrial Company,no discussion anywhere in the order about this contention found. Therefore, in respect of penalty, for want of any discussion and for want of any specific finding, the matter requires re-consideration by the Commission. In respect of interest, the learned counsel appearing for the respondents has pointed out that in paragraph-15 of the order, there is a discussion as well as finding as to why the Commission has declined to waive the interest. The learned counsel for the petitioner is not in a position to point out any infirmity regarding the said conclusion so as to persuade this Court to interfere with the same. Therefore, the clause in respect of interest cannot be set aside, and the same needs to be confirmed. Appeal partly allowed.
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