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2021 (7) TMI 1436 - SCH - FEMARequirement of pre-deposit - Availability of statutory remedy - petitioner would submit that the petitioner was in no way concerned with the affairs of the company after his resignation on 06.05.2006 much less with the agreement dated 21.06.2006. Further, even the earlier agreement was between the two companies to which the petitioner was not a signatory. As argued Petitioner has had no causal connection with the affairs of the company at the relevant time, which is allegedly involved in the commission of FEMA violations. If that is so, the petitioner cannot be compelled to pay pre-deposit amount even if he is driven to file the statutory appeal. HELD THAT:- Considering the arguments on both sides, in our opinion, for the stand taken by the petitioner, we direct the Appellate Authority to exempt the requirement of pre-deposit as regards this petitioner (M. Umesh), in case he resorts to remedy of appeal in light of the liberty given in terms of this order. In other words, the Appellate Authority shall not insist for pre-deposit requirement qua the petitioner herein, i.e. M. Umesh. Besides, the appellate authority shall not non-suit the petitioner for having filed the appeal beyond limitation as the petitioner was pursuing remedy before the High Court in the first place and thereafter before this court, after issuance of show cause notice. The petitioner through counsel assures to file the appeal within three weeks from today. If the appeal is filed beyond three weeks, the limited relief regarding limitation, in terms of this order, shall not apply and the entire limitation period be reckoned by the Appellate Authority. The Special Leave Petition is disposed of accordingly.
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