JUDGMENT :

MILIND N. JADHAV, J.

1. Petitioner No.1 is a public limited company engaged in the business of import of copper concentrate from abroad and after processing manufactures various products of copper, i.e., copper cathodes, rods, wires, transmission cables etc. out of the same. Petitioner Nos.2 to 5 are directors of petitioner No.1. Petitioner No.1 effected a foreign remittance of Rs.203.82 crore, i.e., US$43.5 million through Centurion Bank towards acquisition of 100% equity stake of Monte Cello B.V., Netherlands from its holding company Monte Cello Corporation NV, Netherlands under "Automatic Route" of Reserve Bank of India as prescribed in the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000 ("the said Regulations"). On 22.11.2000, petitioner No.1 informed the Reserve Bank of India about the said transaction. Vide letter dated 28.02.2001, an "Unique Identification Number" was allotted to the said transaction by the Reserve Bank of India. The acquired company holds 100% shares in two copper mines in Australia which have thus become wholly owned subsidiaries of petitioner No.1.

2. On 11.06.2008, respondent No.1, i.e., the Special Direc