4. Ld. Counsel for the Respondent argued that the Impugned Order is speaking order, which clearly brings out that the Appellants had contravened the provisions of FEMA. He stated that the Appellant Shri Rais Ahmed in his statement dated 15.04.2004 u/s 37 of FEMA admitted that M/s Mrugank Investments Limited was put on caution list of RBI for non-realization of export proceeds. The Company had been given extension up to 31.12.2001 for realization of export proceeds. The Company had not applied for any further extension. They fail to furnish any documentary evidence in support of their contention of having made efforts to realize the export proceeds. Thus, US$ 9,03,000/- equivalent to Rs.4,06,35,000/- remain unrealized for the goods which had been exported. The Ld. Adjudicating Authority has made specific finding in the Impugned Order that the noticee company is one of the companies in a group of export companies managed by Shri Rais Ahmed & Others. The total amount outstanding for the entire group was Rs.71,63,17,000/which was accepted by them in the reply to the Show Cause Notice. While the RBI had directed them to contact the Embassy of India but they failed to do so. They were also not serious in their efforts to pursue the matter in the London Court. He pleaded to dismiss the appeals.
