SAMDEV DASGUPTA Vs. S K PANDA

JUDGEMENT

(1.) This writ petition has been filed by the petitioner assailing the order dated 7th February, 2006 passed by the Appellate Tribunal for Foreign Exchange on the application made by the petitioner seeking waiver of the condition of the pre-deposit of the penalty amount as a condition for hearing the appeal.

(2.) By an order dated 9th May, 2005, an order of adjudication was made against M/s Stiefel Und Schuh (India) Ltd., its Managing Director Shri Samdev Dasgupta and its General Manager (Finance) Shri S. Basu.

(3.) By this order, the adjudicating authority enforced the penalty of Rs.75 lakhs upon M/s Stiefel Und Schuh (India) Ltd. and a penalty of Rs.60 lakhs on Shri Samdev Dasgupta, the petitioner herein under Section 68 of the Foreign Exchange Regulations Act, 1973.