“Pursuant to appeal against Adjudication Order No. ADJ/11/B/SDE/KNR/2008-FERA dated 31st March, 2008, passed by Special Director, Enforcement Directorate, imposing a penalty of Rs. 3,50,00,000/- against the appellant for contravention of Section 8(1) Foreign Exchange Regulation Act, 1973, on the reasons that the appellant unauthorisedly acquired foreign currency equivalent to Rs. 3,42,31,393.40/in the year 1993-94 without any permission from RBI. This appeal had been filed along with application for dispensation of pre-deposit of penalty which was heard and decided by this Tribunal by order dated 3.7.2008 when dispensation upto 70% was allowed to the appellant but he was directed to make pre-deposit of 30% penalty within 30 days from that date „failing which the appeal will be dismissed on this ground alone‟. The appellant challenged pre-deposit order dated 3.7.2008 before Delhi High Court when Hon‟ble High Court by order dated 2.9.2008 directed the appellant to make pre-deposit as an interim measure of 5% penalty. However, the appellant has failed to make pre-deposit of 5% penalty as directed by Hon‟ble High Court. Later, when the matter came up for hearing before Hon‟ble High Court, an order dated 15.05.2009 is passed by the Hon‟ble High Court stating that in case the petitioner has not complied with the condition of 5% pre-deposit of penalty, this Tribunal will be at liberty to dispose off the appeal in accordance with law.”
