FINLA ORDER

21.11.2024

This Order disposes of the Appeal No. FPA-FE-113/CHN/2020 filed by the Union of India through Deputy Legal Advisor, Directorate of Enforcement, Chennai, challenging the Order No. JD/CEZO/Z-1/03/2020 dated 10.03.2020 passed by the Joint Director, Enforcement Directorate, Chennai. The Ld. Adjudicating Authority has imposed penalty of Rs. 3,50,000/- on M/s Seven Hills Enterprises Pvt. Ltd. for contravention of Regulation 3 of the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations 2000 and Regulation 3 of the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations 2000 to the tune of Rs. 3,81,90,151/- and Rs. 3,46,05,623/- respectively. Further penalty of Rs. 3,00,000/- has been imposed on M/s Thejasvin Securities Pvt. Ltd. for the contravention of the aforementioned Regulations 2000 to the tune of Rs. 12,02,888/- and Rs. 3,01,34,742/-. Sh. Kuppusamy Ramanujam, Director of the said two Companies has been laden with the penalty of Rs. 6,50,000/- by virtue of Section 42 (1) of the Foreign Exchange Management Act, 1999 (FEMA) for the aforementioned contraventions by the said two Companies.

2. Ld. Counsel for the Appel