FINAL ORDER

10.03.2025

Present appeals are filed by the appellantsu/s 19 of the Foreign Exchange Management Act, 1999 against the impugned order No. JD/05/KCO/2014/2768 dated 15.09.2014 passed by the Adjudicating Authority, vide whichfollowing penalties were imposed on the appellants:

i). On M/s Royal Golf Hotels India Pvt. Ltd, Noticee No.1, for contravention of Regulation 4 of Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 r.w. Regulation 6 of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 – Penalty of Rs. 25,00,000/- (Rupees twenty-five lakhs only).

ii. On Shri K.P. Varghese, Noticee No. 2, for contravention of Regulation 4 of Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 r.w. Regulation 6 of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000, section 42(1) of Member the Foreign Exchange Management Act, 1999- Penalty of Rs. 1,00,000/- (Rupees one lakh only).

iii. On Shri Shabu, Noticee No. 3, for contravention of Regulation 4 of Foreign Exchange Management (Permissible Capital Account Transac