banking channels, then, there is no violation or breach of law is the case put up by the Appellants in these Appeals. The Tribunal must consider as to whether the provisions of law and particularly the Regulations have indeed been complied and as claimed substantially though not strictly. That is a matter which must be gone into by the Tribunal and on merits. However, in the given facts and circumstances, the Appellate Tribunal should have imposed reasonable conditions and exercised its discretion judiciously and not gone by any formula. It should have, even at the prima facie stage, satisfied itself as to whether there is any breach or violation of law. If that breach and violation is serious enough and requiring imposition of penalty, whether there is any discretion in the matter of imposition of penalty. Further, the settled principles enabling imposition of penalty have to be read into the subject legal provisions or they are not permitted to be so read. When these are vital and crucial questions raised, then, the Tribunal should have imposed conditions which would enable the parties to prosecute their Appeals on merits. Imposition of a condition and of cash deposit of 40% of the amount awarded and imposed as penalty and giving a Bank Guarantee of 60% for the balance, in the given facts and circumstances and peculiar to these cases, does not meet the ends of justice. Some of the Appellants are individuals and they have raised a plea that at the time of finalisation of the transactions, they were not
