INDO INTERNATIONAL LIMITED Vs. RAVE GLOBAL LIMITED

JUDGEMENT

(1.) SINCE the issues involved in all the seven writ petitions are identical, these writ petitions are decided by this common order.

(2.) WHILE the petitioners in W. P. Nos. 17176 and 17177 of 2007 are companies registered under the Companies Act, 1956, the petitioners in the other five writ petitions are individuals who are none other than the Directors/officials in these two companies.

(3.) THE facts leading to the filing of these writ petitions, in short, are as under: a indo International Limited and Rave Global Limited, petitioners in W. P. Nos. 17176 and 17177 of 2007 respectively are companies are engaged in export business of leather and other commodities. In the normal course of their business, their Directors and other officials purchased foreign exchange under Liberalized Exchange Rule Management System (in short -LERMS) as per details below and made payment towards the same by way of crossed cheques issued from their bank accounts: name of Companies travellers Cheques amounting to currency amounting to indo International Ltd. US$ 22,07,850 us$ 9,450 rave Global Limited us$ 14,11,900 us$ 6,000