2009 (12) TMI 508

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....rected the order dated 14-10-2009, passed by the Appellate Tribunal for Foreign Exchange dismissing his application for waiver of pre-deposit of penalty amount of Rs. 5,00,000 imposed under the provision of Foreign Exchange Regulation Act, 1973. 2. The said penalty was imposed vide order dated 7-3-1991 and relates to the show-cause notice dated 10-5-1982, issued for acquiring foreign exchange in ....

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....ed to go abroad and make purchases in bulk and bring them to India. 4. The petitioner had filed an appeal against the adjudication order in 1991. The said appeal was not taken up for hearing till 14-10-2009. On the said date, the application of the petitioner for waiver of pre-deposit was dismissed with a direction that the petitioner should deposit the entire penalty amount of Rs. 5,00,000. 5. ....

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....d, it is directed that the petitioner will deposit a sum of Rs. 1,00,000 within a period of one month with the Enforcement Directorate and shall furnish security of the immovable property, i.e., of the premises No. BK-27-D, Saket, Malviya Nagar, New Delhi, to the Enforcement Directorate. He shall also file an undertaking with the Enforcement Directorate that he shall not encumber, transfer or alie....