R.K. GAUBA, J.

1. This criminal appeal invoking Section 54 of the Foreign Exchange Regulation Act, 1973 (FERA) read with Section 35 of Foreign Exchange Management Act, 1999 (FEMA) was preferred to assail order dated 13.05.2009 passed by Foreign Exchange Regulation Appellate Board (Appellate Tribunal) under Section 52 of FERA read with Section 28 of FEMA dismissing the appeals (Appeals numbers 177-178/2007) of the first and second appellant herein which had been taken out against adjudication order no. ADJ/62-B/SDE/ KNR/2007 dated 30.10.2007 of Special Director, Enforcement Directorate, Mumbai imposing penalties on account of violation of Sections 9(1)(b) and (d), Section 68(1), Section 64(2) and 63 of FERA.

2. The Foreign Exchange Regulation Act, 1973 (FERA) was repealed and the appellate board constituted under Section 52 of the said Act was dissolved by Section 49 of the Foreign Exchange Management Act, 1999 (FEMA), it having come into force with effect from 01.06.2000. However, notwithstanding such repeal, by virtue of Section 49(5), all action taken or purported to have been taken under the repealed enactment (FERA) is envisaged to be deemed to have been taken under the