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2009 (8) TMI 201 - BOMBAY HIGH COURTRecovery from successor – SCN issued for non-fuilfilment of export obligations by former company - In the instant case we are concerned with the company which was wound up and the present management took over the management under the scheme of Compromise Arrangement - it is the case of the petitioners that they received a show cause notice as to why penalty should not be imposed under Section 4-I(1)(a) of the Imports and Exports (Control) Act, 1947 for failure to fulfil the export obligations under the two advance licences. - This by itself would not result in holding that no penalty could have been imposed on the petitioners - But this would be a relevant factor in so far as penalty is concerned. The other aspect of the matter is that the grievance of the petitioner was that there were no record available. Though they sought records from the respondents, they were not made available to the petitioners. If these aspects are taken into consideration, in our opinion, the matter would have to be remanded back for reconsideration. After hearing the Counsel, in our opinion, instead of resorting to that course and considering the peculiar facts of this case we do not propose to interfere with the ultimate conclusion arrived at by the respondent No. 2, but we reduce the penalty imposed from Rs. 11.00 lacs to Rs. 2.50 lacs.
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