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1965 (8) TMI 54 - SC - Companies LawWhether the appellant contravened the provisions of sub-sections (1) and (3) of section 4 of the Foreign Exchange Regulation Act, 1947 (VII of 1947)? Held that:- As we find the appellant guilty of an offence only under sub-section (3) of section 4 of the Act, we think the ends of justice will be met if a fine of ₹ 1,000 only is imposed on him. We, therefore, reduce the fine of ₹ 2,500 imposed on the appellant to ₹ 1,000. In the result the order of the Foreign Exchange Regulation Appellate Board is modified accordingly.
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