ASHOK NARAIN Vs. DIRECTOR, ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) THIS writ petition by Mr. Ashok Narain is directed 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 contravention of the said Act. During the course of hearing, it is pointed out that value of the said foreign exchanges, as per the exchange rates prevalent in 1980 -82, would be about Rs. 1,50,000. Counsel for the petitioner states that the figures mentioned in the show -cause notice and relied upon in the adjudicating order are based only on the statements of the petitioner and there is no corroborative evidence in support thereof.

(3.) 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.