This order of Appellate Tribunal for Foreign Exchange is delivered by Shri O.P. Nahar, Chairperson.

2. These four appeals (No. 488/2003 and 543/2004 by same company and No. 473/2003 and 475/2004 by Director and Managing Director respectively) are filed against a common Adjudication Order No. SDE/SKP/III/124/2003 dated 10.9.2003 passed by Special Director, Enforcement Directorate, imposing a penalty of Rs. 58 lakhs against the appellant-company and Rs. 29,00,000 each against the two appellant-Directors for contravention of Sections 8(3) and 8(4) r/w Section 68 Foreign Exchange Regulation Act, 1973, on the reasons that the appellants, after taking two remittances, itemized at Serial No. 3 & 8 of the Annexure to Show Cause Notice, of US dollars 174000 and US dollars 20,000 respectively for import of the goods failed to make such import and file proof thereof.

3. All these appeals are filed along with separate application for dispensation of pre-deposit of penalty under Section 52(2) FER Act, 1973, pleading undue hardship. While disposing off the application for dispensation of pre-deposit in Appeal Nos. 475/2004 and 543/2004 this Tribunal allowed by order dated 31.1.2005 dispensati