V C DHANDAPANI MANAGING DIRECTOR JUPITER DYEING AND PROCESSING MILLS LIMITED MADRAS Vs. ASSISTANT DIRECTOR FOREIGN EXCHANGE REGULATION BOARD MADRAS

JUDGEMENT

(1.) THE above two petitions are clubbed together and the following common order is passed:

(2.) CRL.M.P. No.3238 of 1995 is for a direction to the respondent- Directorate to return the amount of Rs.5,40,000 which has been seized on 2.3.1995 from the petitioner on the ground that they have no right to retain the amount.

(3.) THESE two applications are resisted by the Department contending that the Income-tax Department has informed the FERA Department vide their letter dated 30.8.1995 not to release the amount till the investigation is over. It is further submitted that the investigation carried on by the Income-tax Department is also in larger public interest and economic development of the Nation at large. Any view expressed by the Department at this juncture, considering the fact of pending investigation, is in-appropriate.