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2024 Supreme(Cal) 1169

TIRTHANKAR GHOSH
ITC Limited – Appellant
Versus
S. K. Mukherjee – Respondent


Advocates:
Advocate Appeared:
For the Appellant : Mr. Pradip Kumar Ghosh, Mr. Sandipan Ganguly, Mr. Kaushik Gupta,
Mr. Sourav Bhagat, Mr. Jishnujit Roy.
For the Respondent: Mr. Vipul Kundalia, Mr. Anurag Roy.

Table of Content
1. commencement of revisional application under fera. (Para 1 , 2)
2. legal arguments concerning permission and authority under fera. (Para 4 , 5 , 6)
3. investigation details and findings regarding counter trade. (Para 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14)
4. liability of individuals based on their roles in the companies. (Para 15)
5. court's stance on exoneration and its implications for criminal prosecution. (Para 17 , 19 , 20)
6. conclusion quashing the complaint case. (Para 21 , 22 , 23)

JUDGMENT :

Tirthankar Ghosh, J.

1. The present revisional application has been preferred challenging the proceedings being Case No. C-2482/2002 pending before the learned Metropolitan Magistrate, 9th Court, Calcutta under Sections 56 and 68 of the Foreign Exchange Regulation Act, 1973 (hereinafter referred to as “ FERA , 1973”).

2. The allegations as made in the petition of complaint, are reproduced as follows:

    “3. On the basis of search warrants issued by the competent authorities of the Enforcement Directorate under Section 37 of Foreign Exchange Regulation Act, 1973 searches were conducted on 30.10.96, 31.10.96, 6.11.96, 10.11.96 and 12.11.96 at the office premises of various Division

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