FINANCIAL INTELLIGENCE UNIT Vs. NATIONAL SPOT EXCHANGE LTD.

JUDGEMENT

(1.) By this Appeal the appellant Financial Intelligence Unit-Ind, Department of Revenue, Ministry of Finance, challenges the judgment dated 27th June, 2017 passed by the Appellate Tribunal, Prevention of Money Laundering Act, New Delhi whereby the appeal of the respondent to the extent of violation was dismissed. However, since there was no reasoned order for imposing major penalty, the penalty was reduced from Rs.1 lakh for each failure of the respondent to Rs.15,000/- for each failure.

(2.) At the outset, learned counsel for the respondent has raised an objection to the maintainability of the present appeal on the basis of territorial jurisdiction before this Court in terms of the requirement of Section 42 of the Prevention of Money Laundering Act, 2002 (in short 'PMLA'). Hence, arguments have been heard only on the issue of maintainability.

(3.) In the application filed by the respondent taking the preliminary objection of maintainability it is contended that as the registered office of the respondent company is situated at Mumbai where the respondent company carries out business, the appeal could have been filed by the appellant before the High Court at Mumbai and not as per its convenience before this Court. Reliance is placed on the decision of this Court in Aasma Mohammed Farooq & Anr. Vs. Union of India & Ors,2018 SCCOnLine(Del) 12800.