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APPELLATE TRIBUNAL FOR FORFEITED PROPERTY
MANMOHAN SINGH, CHAIRMAN
Shri B.K. Goenka – Appellant
Versus
The Special Director Directorate of Enforcement, Kolkata – Respondent
| Table of Content |
|---|
| 1. expedited hearing for penalty appeals. (Para 1) |
| 2. imposition of penalties for non-remittance of share capital. (Para 4 , 5 , 6 , 12 , 20) |
| 3. joint venture operations and liability concerns. (Para 7 , 8) |
| 4. arguing compliance with fema regulations. (Para 18 , 19) |
JUDGEMENT
FPA-FE-40-53/MUM/2014
1. By this order, I proposed to decide the pending applications for dispensation of depositing the penalty imposed to the above-mentioned Appellants by the common impugned order dated 07.08.2013. The said order has been challenged before this Tribunal on various grounds.
2. The said penalty was imposed in exercise of the powers conferred on me under sec. 13(1) of the Foreign Exchange Management Act, 1999 , I pass the following order:-
i. Penalty of Rs. 2,00,00,000/- (Rupees Two Crores only) on Shri Balkrishna Goenka.
ii. Penalty of Rs. 7,50,00,000/- (Rupees Seven Crores Fifty Lakhs only) on M/s. Welspun Corporation Ltd. (Formerly known as M/s Welspun Gujarat Stahl Rohren Ltd.).
iii. Penalty of Rs. 28,00,00,000/- (Rupees Twenty Eight Crores Only) on M/s Krishiraj Trading Ltd.
iv. Penalty of Rs. 14,00,00,000/- (Rupees Fourteen Crores only) on M/s Welspun Wintex Ltd.
v. Penalty of Rs. 1
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