GANAPATI EXPORTS LTD Vs. S PERVEZ ENFORCEMENT OFFICER

JUDGEMENT

(1.) sent reference to this Bench has been made by an Order dated 15.10.1996 passed by the learned Single Judge of this Court. As similar point of law is involved in all the revisional applications, those are taken up analogously for disposal. Proceedings in the Court below were initiated on different allegations. In the present reference, we deal with the facts relating to C.R.R. No. 230 of 1996.

(2.) Briefly stated facts leading to the present reference and the questions framed by the learned Judge are as follows: The accused petitioner No. 1-company,during the year 1988-89 effected shipment of goods valued at Rs. 57,87,256.79 declared under the GRI forms and it transpired from the records that the accused No.1 refrained from doing anything or taking any action which had the effect of securing the export proceeds to the tune of Rs. 57,87,256.79, within six months from the date of shipment or within the time extended by the Reserve Bank of India as required under the law in contravention of Section 18(2) and 18(3) of Foreign Exchange Regulation Act, 1973 (hereinafter referred to as FERA, 1973) and thereby committed an offence punishable under Section 56 of the said Act. The accused petitioner Nos. 2 and 3 being Chairman and Managing Director of the company (accused No. 1) and responsible for conduct of day to day business of accused No. 1 are also liable for prosecution for the offence under Section 56 read with Section 68(1) of the Foreign Exchange Regulation Act, 1973. It was further alleged in the petition of complaint that opportunity notice as required under Section 61 of the said Act was issued and served upon all the accused persons giving them opportunity to furnish within 10 days any permission/extension obtained from the Reserve Bank of India or from any competent authority of Government of India, but the accused persons failed to comply with the notice.

(3.) In the circumstance as aforesaid complaints were filed in the Court of learned Chief Metropolitan Magistrate, Calcutta by the complainant being the Enforcement Officer, Enforcement Directorate, Foreign Exchange Regulation Act, 1973 being empowered by the Notification No. S. O. 715 E dated 24.9.93 issued by the Govt. of India, Ministry of Finance.