Directorate of Enforcement Ministry of Finance Thr. the Assistant Director v. M/S. Canara Bank
Case brief
What is this about?
FEMA Appeal; Bombay High Court; Directorate of Enforcement versus Standard Chartered Grindlays Ltd. and officers; Directorate of Enforcement versus Canara Bank and officers; condonation of delay; Section 35 Foreign Exchange Management Act 1999; withdrawal of appeals by consent; penalty deposit non-refund; refund to nationalised bank; Australia and New Zealand Banking Group Limited; abatement on death of respondent; Appellate Tribunal judgment dated 20.09.2019; 1991 foreign exchange transactions; speaking to the minutes; typographical correction; order not a precedent.
What did the court decide?
Delay of 43-60 days condoned under Section 35, FEMA 1999, with the condonation interim applications allowed; FEMA Appeal (St) No.1120 of 2020 and IA 703 of 2020 abated on the death of the respondent; five appeals in which service was not completed disposed off as withdrawn; the remaining appeals challenging the Tribunal's judgments in the SCB matters and the Canara Bank matters disposed off as withdrawn on agreed terms - the INR 7,25,07,000/- deposited by the SCB-side respondents not to be refunded; Australia and New Zealand Banking Group Limited / SCB-side respondents to deposit INR 62,00,000/- within four weeks (non-refundable, without prejudice, without admission of liability); Canara Bank's INR 62,00,000/- deposit refundable within three months of its application; the Order declared not to be a precedent; typographical correction in paragraph 14 carried out in the original order and the uploaded copy.