TMI Blog2019 (4) TMI 1355X X X X Extracts X X X X X X X X Extracts X X X X ..... material. High Court should have taken into consideration the said material with a view to decide as to whether it was relevant or/and sufficient, and whether it could justify the appellants case as contemplated under Section 8 of FEMA. High Court seemed to have proceeded on wrong assumption that since the appellants did not file any material, a case was made out against them. This observation of the High Court, in our view, was contrary to the record of the case and hence, interference in the impugned order is called for. The proper course in such a case would be to remand the case to the High Court and request the High Court to decide the appeal afresh on merits in accordance with law. Appeals succeed and are accordingly all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Foreign Exchange Management Act, 1999 (for short FEMA ) against the appellant-Company before the Special Director of Enforcement Mumbai (Adjudicating Authority). 6. The complaint was founded on the material collected during the course of detailed investigation made in the affairs and the dealings of the appellant-Company in their business operations. It was done pursuant to the directive issued by the competent authority on 23.11.2001 to the appellant-Company under FEMA. 7. The aforesaid directive was issued to examine the genuineness of the internal affairs of the appellant-Company and also with a view to verify various international dealings and business operations which the appellant had executed during the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s prayed in the complaint and accordingly imposed a penalty of ₹ 4 crores on the appellant No.1Company and ₹ 1 crore on appellant No.2Managing Director Shri Varadharajan as provided under FEMA. 11. The appellants felt aggrieved by the aforementioned order and hence filed two appeals under Section 13 of FEMA in the Tribunal. By order dated 07.01.2010, the Tribunal allowed the appeals and set aside the order dated 13.03.2008 and directed the authorities to refund the amount which was deposited by the appellants in these proceedings for filing the appeals. 12. The Union of India felt aggrieved by the order of the Tribunal and filed appeals in the High Court under Section 35 of the FEMA whereas the appellants her ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The company was not able to place any material to show the reason for the failure to realize the said amount within the stipulated period or any permission for extension of period has been obtained from the RBI as contemplated under Section 42 of the FEMA .. 19. It was, however, brought to our notice from Para 29 of the Tribunal's order, which was impugned before the High Court in the appeals filed by the Union of India, that the appellants had filed material, which were marked as (Annexures A-15 to A-38) in the case, with a view to show as to what steps they had taken to realize and repatriate the dues in question. 20. In our considered view, keeping in view the observations made by the High Court in Para 15, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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