In a miscellaneous application to modify a stay condition requiring deposit and bank guarantee, the Tribunal adjourned to allow the respondent to verify facts regarding an earlier deposit and adjust the current direction accordingly.
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APPELLATE TRIBUNAL, FOREIGN EXCHANGE MANAGEMENT ACT AT NEW DELHI
FPA-FE-69/COCHIN/2014
Shri P.A. Naushad
… Appellant
Versus
The Joint Director Directorate of Enforcement, Cochin … Respondent
Advocates/Authorized Representatives who appeared
For the appellant : Ms. Rajitha T.H., Advocate For the respondent : Shri Prashant Pandey, Legal Consultant & Mrs. Aagam Kaur, Legal Consultant
CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN
ORDER
21.02.2018
FPA-FE-69/COCHIN/2014
The fresh application has been filed by the learned counsel for the appellant for modification of order dated 23rd January, 2018 passed in the above said appeal. While disposing the appeal, the appellant was directed to deposit a sum of Rs. 2,00,000/- with the respondent. The learned counsel for the appellant has pointed out that by order dated 15th January, 2015, this Tribunal had directed the appellant, (at the time of disposing of the stay application) to deposit one lakh rupees by way of demand draft with the respondent as well as Bank Guarantee to the above of Rs. 3,00,000/-. The learned counsel for the appellant submitted the said amount of Rs. 1,00,000/- be adjusted from the direction issued on 23rd January, 2018 while passing the final judgment. As far as remaining of Rs. 1,00,000/- is concerned, the appellant is ready to FPA-FE-69/COCHIN/2014 Page 1 of 2
deposit the same. It is also requested that the said bank guarantee may be released.
Learned counsel for the respondent states that he has to verify the said facts from the respondent and will inform us on the next date of hearing. Let the respondent counsel may verify the position within four weeks from today and inform accordingly so that in case the amount of Rs. 1,00,000/- which is already deposited may be adjusted if already deposited. With regard to the bank guarantee, the said direction after the verification may also be passed.
List this application on 10th April, 2018.
In the meanwhile, the direction issued by the order dated 23rd January, 2018 be kept in obeyanced.
Copy of the order be given ‘dasti’ to both the parties.
(Justice Manmohan Singh) Chairman
New Delhi, 21st February, 2018
‘A’
FPA-FE-69/COCHIN/2014
Page 2 of 2
P.A. Naushad
The Joint Director Directorate of Enforcement, Cochin
MANMOHAN SINGH
As recorded by the court registry
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