K.M. PRASAD Vs. UNION OF INDIA

JUDGEMENT

(1.) HEARD the learned counsel for the parties.

(2.) THE prayer of the petitioners, in this application is for quashing of the order dated 31.5.2002 taking cognizance of the offences punishable under Section 56 of the Foreign Exchange Regulation Act, 1973, r/w Section 49 (3) and (4) of the Foreign Exchange Management Act, 1999 as well as the entire criminal proceeding, being Complaint Case No. FEMA 2/2002, by the learned Special Judge, FERA/FEMA, Ranchi.

(3.) ON the basis of the complaint, the opposite party, prayed that the cognizance of the offence punishable under Section 56 of the FERA, 1973 read with Section 49 (3) and (4) of Foreign Exchange Management Act, 1999 (FEMA) be taken against the accused petitioners and they be prosecuted for committing the aforesaid offences.