MAHESH GUPTA Vs. UNION OF INDIA

JUDGEMENT

(1.) Rule . With the consent of the parties, writ petition is taken up for disposal.

(2.) Petitioner has filed this writ petition, assailing the order dated 20.8.2001, passed by the Appellate Tribunal for Foreign Exchange, disposing of the petitioner's application for dispensation of pre deposit of penalty under Section 52(2) of Foreign Exchange Regulation Act, 1973 (in short FERA).

(3.) Learned counsel for the petitioner in support of his case for waiver of penalty has urged that petitioner has been acquitted by the Chief Metropolitan Magistrate, Bombay. Secondly, he submits that petitioner had given a detailed reply to the show cause notice and also made submissions before the Appellate Tribunal, which have not been considered. He submits that one Mr.Jagdishbhai Maganlal Patel , on whose statement, petitioner was implicated, was not an employee but a friend. Learned counsel further submits that petitioner is having cash liquidity problems and it is a case of financial hardship.