Disposed

FPA-FE-25/DLI/2015 of Sh. Sanjay Mishra. v/s The Joint Director Directorate of Enforcement, Delhi

ATFP23 Feb 2018FPA-FE-25/DLI/2015

Case brief

AI extract

What is this about?

The Foreign Exchange Appellate Tribunal disposed of five appeals relating to penalties imposed on a company and three directors. The court noted a prima facie unexplained delay in the investigation and the remittance period. The court granted a waiver for a pre-deposit, directing the appellant company to deposit Rs. 5 lakhs, without prejudice to the appeal. The appeals were listed for physical hea

What did the court decide?

Waiver of pre-deposit application disposed of by ordering the appellant company to deposit Rs. 5 lakhs; appeals listed for hearing.

FPA-FE-25/DLI/2015 of Sh. Sanjay Mishra. v/s The Joint… — Company and Corporate | ATFP (2018)

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APPELLATE TRIBUNAL, FOREIGN EXCHANGE MANAGEMENT ACT

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AT NEW DELHI

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FPA-FE-21/DLI/2015
M/s. Akzo Nobel India Ltd. …	Appellant
FPA-FE-22/DLI/2015
Sh Nihal Kaviratne …	Appellant
FPA-FE-23/DLI/2015
Sh. Amit Jain …	Appellant
FPA-FE-24/DLI/2015
Sh. Gopalkrishan …	Appellant
FPA-FE-25/DLI/2015
Sh. Sanjay Mishra. … App	ellant
Versus
The Joint Director Directorate of Enforcement, Delhi …	Respondent
Advocates/Authorized Representatives who appeared

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For the appellant : Shri R. Rajagopalan Advocate For the respondent : Shri Pankaj Yadav, Legal Consultant CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN

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ORDER

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23.02.2018

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FPA-FE-21,22,23,24 & 25/DLI/2015

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The following penalty was imposed on company and which directors:-

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(i) M/s AKZO Nobel India Ltd. : 2,50,000/-(Rs. One Lakh Only) (ii) Sh. Nihal Kaviratne :1,00,000/-(Rs. One Lakh Only) (iii) Sh. Amit Jain :1,00,000/-(Rs. One Lakh Only) (iv) Sh. Sh. R. Gopalkrishnan :1,00,000/-(Rs. One Lakh Only) (v) Sh. Sanjeev Mishra :1,00,000/-(Rs. One Lakh Only)

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As far as Mr. Amit Jain, Nihal Kaviratne & Sh. Saneev Mishra

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they have director in the year 2009-10. The remittance admittedly of

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year 2001. The Investigation was completed in the year 2012. Show

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FPA-FE-21,22,23,24&25/DLI/2015

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Page 1 of 2

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cause was notice issued in 31^st March, 2014. Prima facie there is an unexplained delay.

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In view of the peculiar facts and circumstances, let the appellant company shall deposit to penalty sum of Rs. 5 lakhs with the respondent. Counsel for the appellant is agreeable to deposit the said amount without prejudice. Out of 4 directors 3 of them appointed in the year 2009-10. The transaction in questions are for the year 2001-2002. The application for waiver of pre-deposit application is accordingly disposed of

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List this appeal on 1^st August, 2018

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(Justice Manmohan Singh) Chairman

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New Delhi, 23^rd February, 2018.

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‘s’

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FPA-FE-21,22,23,24&25/DLI/2015

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Page 2 of 2

FPA-FE-25/DLI/2015 of Sh. Sanjay Mishra. v/s The Joint Director Directorate of Enforcement, Delhi

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FPA-FE-25/DLI/2015 of Sh. Sanjay Mishra. v/s The Joint Director Directorate of Enforcement, Delhi

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