Dismissed

FPA-FE-76/DLI/2010 of Steve Cakebread v/s The Special Director Directorate of Enforcement, New Delhi

ATFP20 Mar 2018FPA-FE-76/DLI/2010

Case brief

AI extract

What is this about?

On March 20, 2018, the Tribunal dismissed five appeals filed against an order directing deposit of 10% penalty and security for 50%. The Tribunal adjourned disposal pending the outcome of a Supreme Court challenge, which was subsequently dismissed.

What did the court decide?

The appeals were dismissed for non-compliance with the order dated 04.12.2017 to deposit the required amount and security.

FPA-FE-76/DLI/2010 of Steve Cakebread v/s The Special… — Banking and Recovery | ATFP (2018)

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APPELLATE TRIBUNAL, FOREIGN EXCHANGE MANAGEMENT ACT AT NEW DELHI

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1. MP-FE-100/DLI/2010 (Recall) FPA-FE-72/DLI/2010
M/s. Silicon Graphics Systems (P) Ltd.	…	Appellant
2. FPA-FE-73/DLI/2010
Ashok K. Desai	…	Appellant
3. FPA-FE-74/DLI/2010
Sam Edward Laub	…	Appellant
4. FPA-FE-75/DLI/2010
John C. Metcalfe	…	Appellant
&
5. FPA-FE-76/DLI/2010
Steve Cakebread	…	Appellant
Versus
The Special Director Directorate of Enforcement, New Delhi	…	Respondent

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Advocates/Authorized Representatives who appeared

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For the Appellants	: Mr. Rajiv Tyagi, Advocate,
For the Respondent	: Mr. Pankaj Yadav, Legal Consultant
CORAM
JUSTICE MANMOHAN SINGH	: CHAIRMAN
SHRI ANAND KISHORE	: MEMBER

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ORDER 20.03.2018

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FPA-FE-72-76/DLI/2010

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On 04^th December, 2017 the following order was passed:

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“ Learned Counsel for the appellant submits that the Hon’ble High Court has dismissed the appeal filed by the appellant on dated 29^th November, 2017 which was filed against the order dated 18^th November, 2015 whereby Tribunal directed to the appellant to deposit the 10 per cent of the amount of penalty imposed and reliable security for 50 per cent of the total amount of the penalty imposed. The said amount was not deposited.

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Learned Counsel for the appellant seeks an adjournment taking the instructions from his client. We direct the appellant to deposit the said amount as per the directions issued earlier within a period of 30 days; otherwise, the present appeal is likely to be dismissed on the next date of hearing. ”

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The said order dated 04.12.2017 was not complied by the appellant.

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The Appeals are dismissed. Subsequently, the application was filed by the appellant for recall of the order dated 22.01.2018 as well as for restoration of

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FPA-FE-72-76/DLI/2010

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the appeals. The said application being MP-FE-100/DLI/2010 is pending for disposal. In the meanwhile, our order was challenged by the appellant before the Hon’ble Supreme Court. We are being informed by the learned counsel for the appellant that even the Special Leave Petition (S.L.P.) has been dismissed. Learned counsel for the appellant states that the appellant have now decided to comply the order dated 18^th November, 2015.

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As far as the deposit of 10% of penalty amount is concerned, the learned counsel for the appellant states that the Demand Draft of Rs. 40 Lakhs and Rs. 40, 000/- is ready as a matter of fact he has approached the Respondent’s office but the same was not accepted by them.

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With regard to the reliable security of 50% is concerned, the appellant is ready to furnish the third party Corporate Guarantee of the same. Counsel for the respondent seeks time to take the instructions from the respondent.

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In the meanwhile, the respondent without prejudice will accept the Demand Drafts of Rs. 40 Lakhs and Rs. 40,000/- as well as the credible security to be furnished by the next date of hearing, the objection if any by the respondent considered on the next date.

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List on 30^th July, 2018.

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(Justice Manmohan Singh) Chairman

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(Anand Kishore) Member

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New Delhi, 20^th March, 2018

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‘AS’

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FPA-FE-72-76/DLI/2010

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FPA-FE-76/DLI/2010 of Steve Cakebread v/s The Special Director Directorate of Enforcement, New Delhi

Case brief

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FPA-FE-76/DLI/2010 of Steve Cakebread v/s The Special Director Directorate of Enforcement, New Delhi

Case brief

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