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Showing 81 to 100 of 609 Records

  • 2016 (5) TMI 518

    Preventive detention passed against the detenue husband of the appellant herein as well as few other persons - Held that - It has come on record and noted in the order of detention that large sums of money were received in the said bank account which was opened in the name of the detenue and the money which was disbursed from this account amounted to ₹ 40.52 crores. It was further found by the detaining authority that the detenue was also o....... + More

  • 2016 (4) TMI 782

    Aggrieved person - Whether the 4th respondent, Assistant Director, Directorate of Enforcement can be said to be an aggrieved person from the order dated 3.7.2013 of the Adjudicating Authority, the Assistant Director, Directorate of Enforcement so as to file an appeal under Section 17(2) of 1999 FEMA Act - Held that - Section 19 of the 1999 Act provides appeal to the Appellate Tribunal against an order; (i) passed by the Adjudicating Authority oth....... + More

  • 2016 (4) TMI 759

    Default to file a private paper book - Held that - The delay has been continuing over last eight years. Even after this Court had permitted the applicant/appellant to file a private paper book, still the default has continued. It is not known why the applicant/appellant has not been able to trace the record. The explanation therefore, does not inspire much confidence. - The Director of Enforcement cannot go on giving instructions to seek time or ....... + More

  • 2016 (4) TMI 715

    Proceedings under Section 51 of the Foreign Exchange Regulation Act, 1973 - Currency seized from the premises of assessee should be confiscated to the Central Government in terms of Section 63 of the Foreign Exchange Regulation Act, 1973 - maintainability of the appeal filed by the respondents before the Tribunal - Held that - A careful comparison of the provisions of the Foreign Exchange Regulation Act, 1973 and the Foreign Exchange Management A....... + More

  • 2016 (4) TMI 677

    Order of detention - Held that - There are previous decisions of Division Bench of this High Court that detaining authority is under obligation to comply with the requirements by formulating grounds for detention and on factual aspect also, there is no reason to detain such person and therefore, as recorded herein above, the Division Bench has gone to the extent of saying that a grosser case than this is yet to be seen. - Thus the impugned order ....... + More

  • 2016 (4) TMI 615

    Issue of grant or revocation of grant of licence - Held that - The licence to import was vitally connected with the shareholding of Kamal Kr. Datta and the percentage shareholding of his brother Sajal Datta. If the number of shares issued to Kamal increased on the basis of importation of those items, the percentage shareholding of Sajal was likely to fall. Therefore, both the company and its principal shareholders Kamal and Sajal had an interest ....... + More

  • 2016 (4) TMI 366

    Violation of provisions of FERA by the SBI officials - Validity of summons - making full advance payment to the tune of US 38 million without either obtaining any prior permission of the Reserve Bank of India ( RBI ) or any guarantee from an International Bank of repute situated outside India to safeguard their money - Held that - petitioners are not covered under Sub-section (ii) of Section 49 of FERA for abetting or not complying with all or an....... + More

  • 2016 (2) TMI 1107

    Contravention under Section 8 of FEMA, 1999 - liable for the acts or omissions committed by company representative - Held that - Since the appellant Ole Peter Tollefson has not filed any proof that he actually secured loan from bank in Spain therefore in view of the admission of the execution of the disputed invoice by the appellant, no other inference except that it related to export of building material can be inferred. The appellant company wi....... + More

  • 2016 (2) TMI 480

    Levy of penalty for Non realization of export proceeds (foreign exchange) within six months of the date of shipment or within the extended period - Held that - Considering the submission that almost entire sale proceeds have been realized and loss to the exchequer has subsequently been made good therefore, taking a holistic view, we are of the opinion that it will be just and fair in the circumstances that the penalties imposed which are almost h....... + More

  • 2016 (2) TMI 476

    Challenge to the RBI (FEMA) circular - validity and legality - Policy in relation to import of Gold - On or about 14th August, 2013, RBI issued another Circular no. 25, referring to the said Circular no. 15 dated 22nd July, 2013, for clarification / modification in supersession of the earlier instructions, and made it incumbent on all nominated agencies to make exclusively available at least one fifth i.e. 20% of every lot of gold imported to the....... + More

  • 2016 (1) TMI 183

    Importers who had acquired foreign exchange from their authorized dealers for the purpose of imports of specified goods but had failed to submit the Exchange Control copy of Bill of Entry in respect of the relevant imports to their authorized dealers - It has been contended on behalf of the appellant that an amount of ₹ 410,550 US was remitted by IDBI by opening L/C (Letter of Credit). The goods were shipped by the foreign seller and arrive....... + More

  • 2015 (12) TMI 1695

    Guilty of contraventions of Section 8(3) and 8(4) of FERA, 1973 r/w Section 49(3) and 49(4) of FEMA, 1999 - Penalty imposed - whether there has been no lapse/FERA violations on the part of the company and the transactions were wrongly reported in BFE due to oversight of the bankers of the company? - Enforcement Directorate creation - Held that - We see no reason to remand the matter back to Adjudicating Authority at this stage when parties have b....... + More

  • 2015 (12) TMI 1527

    Detention orders under Section 3(1) of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - non opportunity to assail the order of his detention - Held that - In the facts and circumstances of the present case, it is apparent, that the order of detention under Section 3 of the COFEPOSA Act was passed on 11.6.1976. Immediately after the passing of the aforesaid order, on the same day, the Government of Gujarat is....... + More

  • 2015 (12) TMI 1294

    Violation of Section 23 (1) read with Section 4 (1) FCRA, 1976 - Petitioner received funds without obtaining prior permission of the Central Government - Held that - Foreign entities through whom such funds were sent were holding the same on behalf of his father. To this effect, Mr. Vipin Khanna made a statement dated 11.07.2006, whereby stated that these funds were sent on his instructions to the petitioner. Moreover, vide statement dated 13.04........ + More

  • 2015 (12) TMI 1245

    Power of court to review and supervise the investigations against the political party - investigations under Foreign Contribution (Regulation) Act, 2010 (FCRA) - Held that - Undoubtedly the Courts, in exercise of their power of judicial review, are entitled to direct investigation into an offence alleged to have taken place, as reiterated by the Constitution Bench in State of West Bengal Vs. Committee for Protection of Democratic Rights West Beng....... + More

  • 2015 (12) TMI 1192

    Validity of detention order - Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA) - Held that - Since the Detaining Authority was represented by the officers at the time of hearing of the petitioner s case before the Advisory Board, the petitioner too was entitled to be represented through legal practitioner. Since no such opportunity was afforded to the petitioner though claimed by him, he was denied an o....... + More

  • 2015 (11) TMI 131

    Bail application - Arrest made without the mentioning of name in FIR - arrest of the applicant without a warrant in a non-cognizable offence - applicant is alleged to have received ₹ 7 crores from one Natural Trading Company and ₹ 6.31 crores from one M/s Gangeshwar Mercantile Pvt. Ltd. without satisfactory explanation - revention of Money Laundering Act, 2002 - Held that - Applicant, at this stage, has failed to satisfactorily establ....... + More

  • 2015 (11) TMI 77

    Confiscation of amount seized from appellant premises - amount was obtained by any unfair means - offence under Section 9(1)(b) of the Act - Held that - It is apparent that the alleged confessional statement dated 30.04.1991, said to have been recorded from the appellant by the Officers of the Directorate of Enforcement has not been corroborated by any independent witness. Further, neither Mohamed Hilal of Kuwait, nor Jahubar Nissar, from whose r....... + More

  • 2015 (11) TMI 28

    Tribunal while directing the petitioner(s) to deposit 15% of the amount of penalty imposed and to furnish reliable security for the balance amount of 85% as a pre-deposit for hearing of the appeal has noticed that the petitioner (s) has an arguable case and it would cause hardship in case the waiver is not allowed, but no case of complete waiver was made out. - petitioner(s) has been required to pre-deposit 15% of the penalty amount as a conditio....... + More

  • 2015 (10) TMI 2684

    Contravention of Sections 7 and 8 of FEMA, 1999 read with Regulations 3, 8, 9 and 13 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 involving export value of US 8,67,275.20 - unrealised GRI forms the authorized dealer had not contacted the Enforcement Directorate - Held that - Since a period of almost 15 years has passed since the transactions took place and the RBI permitted authorized dealer to allow write off i....... + More

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