R. M. SAVANT, J.:- The above Appeals are directed against the Judgment and Order dated 12.6.2009 passed by the Appellate Tribunal for Foreign Exchange, New Delhi. By the said order, the Appeals filed by the Appellants above named came to be dismissed and the penalty imposed against each of the Appellants came to be confirmed.

2. Since a preliminary issue as regards the maintainability of the above Appeals in this Court on the ground of territorial jurisdiction was raised by the Respondents, the parties were heard on the said issue.

FACTUAL MATRIX

3. The factual matrix involved for adjudication of the said issue in the above Appeals can be stated thus:

The Appellant in Appeal No.7 1/09 i.e. M/s. Mandlia Developers (P) Ltd. (for short "the Company") is a company incorporated at Bangalore. The Company has its registered office at Bangalore. The authorised capital of the said Company is Rs.20 lakhs divided into 20,000 equity shares of RS.100 each. One Mrs. Pushpaben Rawal and Shri Lava Ponnappa were the first Directors of the said Company. Subsequently one Mr. Hasmukh Rawal was appointed as a Director of the said Appellant on 1.8.1992. On or about 3.2. 1989 the said Company entered into an agreement with one M/s. Hemadri Associates and Association of Persons/Coowners to construct a Hostel cum Shopping Complex for the consideration, that the said M/s. Hemadri Associates would sublease the entire building (except the shopping area in basement and ground floor and no other consideration)

On 17.11.1995 Mrs. Pushpa Rawal and Mr. Lava Ponnappa the first directors of the Appellant entered into an agreement with one Mr. Jagpaul Singh Gill, a resident of Vancouver, Canada for sale of full paid up equity shares of Rs.100 each as also the entitlement of the Directors to the allotment of further shares of Rs.41,7,000/- of the Appellant for a consideration of Rs.7,25,00,000/-. In terms of the said agreement Mrs. Pushpa Rawal received advance sum of Rs.One crore from Mr. Jagpaul Singh Gill. The balance consideration was to be received in installments on certain conditions being fulfilled on behalf of both the parties. It is the case of the Appellant that the said Jagpaul Singh Gill did not obtain the necessary permissions and discharge his part of the obligations under the said agreement and consequently no shares were transferred to him and the sublease rights were still with the Appellant.

A show cause notice dated 22.02.2002 bearing No.T/4/12B/ SDE/AKB/2002 came to be issued to the said Company along with its Directors for alleged contravention of the provisions of section 16(1)(a) read with Section 68(1) of the Foreign Exchange Regulation Act, 1973 (for the brevities sake refers to as " the FERA "). It was alleged in the said show cause notice that the Appellant and the other conoticees failed to take steps to realize the said amount of Rs.7.25 crores from the said Gill. The said show cause notice was replied to by one of the Directors Hasmukh K Rawal by filing two replies dated 16.04.2002. The said show cause notice was adjudicated by the Respondent No.3 herein who by his order dated 27.12.2002 imposed a penalty amount of Rs.100,00,000/on each of the Appellants for the contravention of section 16(1)(a) of the FERA.

4. Aggrieved by the order dated 27. 12.2002 The Appellants filed separate Appeals to the Respondent No.2 inter alia on the grounds mentioned in the Memorandum of Appeal. A long with the said Appeals, the Appellants also filed Applications for waiver of pre deposit of the penalty amount. By an order dated 28.10.2002, the Tribunal was pleased to waive the predeposit of the amount of penalty. The Appellant also filed written submissions before the Tribunal on 15.03.2004. The said Appeals were decided by the Tribunal by the impugned order dated 12.06.2009 by which order the Tribunal rejected the Appeals and confirmed the penalty levied on each of the Appellants above named. Being aggrieved by the said order dated 12.06.2009, p