STANDARD CHARTERED BANK Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) BOTH the above noted appeals are disposed of together being in similar facts, in as much as, the law point involved therein is also same.

(2.) THESE appeals are directed against the order passed by the Appellate Tribunal for Foreign Exchange (hereinafter referred to as "the Tribunal") whereby orders passed by the Adjudicating Authority imposing penalties on the Appellant for contravention of provisions of Sections 6(4), 6(5), 73(3), 49 and 9(1)(e) of Foreign Exchange Regulations Act, 1973 (FERA) read with Section 29B.8(c) of Exchange Control Manual, 1987 has been upheld.

(3.) SINCE the deposits were made by the persons other than the account holder, a show cause notice dated 18th March, 2002 was issued by the Directorate of Enforcement to the Appellant. It was alleged in the notice as under: