This Order disposes of the Appeals Nos. FPA-FE-79/CHN/2020 filed by M/s Tata Capital Forex Ltd. and FPA-FE-80/CHN/2020 filed by Shri Ashwin Savoor (Regional Manager) against the Order No. JD/CEZO/Z-I/04/2020 dated 23.03.2020 (Impugned Order) passed by the Joint Director, Directorate of Enforcement, Government of India, Chennai. The Ld. Adjudicating Authority (AA) imposed the penalty of Rs. 83,00,000/- on M/s Tata Capital Forex Ltd. for the contravention of Sections 3 (a), 10 (4) & 10 (5) of the Foreign Exchange Management Act, 1999 (FEMA), and Rs. 83,00,000/- on Shri Ashwin Savoor for the contravention of Sections 3 (a), 10 (4), 10 (5) & 10 (6) of FEMA read with Regulation 6 (1) of Foreign Exchange Management (Realization, Repatriation and Surrender of Foreign Exchange) Regulation 2000 further read with Section 42 of FEMA. The amount involved in the aforementioned contravention was SGD 1762597 equivalent to Rs. 8,36,25,797/-.

2. Ld. Counsel for the Appellants submitted that the Impugned Order is bad in law, arbitrary and in violation of principle of natural justice as no opportunity to file a reply on merits and personal hearing to argue on merits was granted. Moreover, unde