ORDER

01.04.2026

By this appeal, a challenge has been made to the order dated 25.07.2022 passed by the Competent Authority under Section 37A(3) of the Foreign Exchange Management Act, 1999 (in short “the Act of 1999”) denying confirmation of the Seizure. The case involves chequered history. Thus, before we deal with the preliminary objectio raised by the respondent about the maintainability of the appeal and application of Section 37A of the Act of 1999, on the facts of this, it would be gainful to refer rather to quote the Seizure Order of the Competent Authority under section 37A(3) of the Act of 1999. The Seizure Order, otherwise, gives complete history of the case and the reasons for seizure which is quoted hereunder:-

In exercise of the powers conferred by Section 37A (1) of the Foreign Exchange Management Act, 1999 [FEMA], I, Shubham Agrawal, IRS, Deputy Director, Directorate of Enforcement, Chennai Zonal Office-II, have reason to believe that the following foreign exchange/ foreign securities situated outside India are held in Contravention of Section 4 of FEMA by the Indian Company Southern Agrifurane Industries Private Limited [SAIPL]

TABLE-A

Therefore, as per the powers confer