22,824/ .
The appellant made numberattempt to adopt either of the two companyrses of action advised by the Reserve Bank of India.
Since the appellant failed to repatriate the entire value of the exported goods a show cause numberice was issued under Section 12 2 of the Act initiating adjudication proceedings companytemplated by Section 23 D of the Act against the appellant and its partners.
In appeal the Foreign Exchange Regulation Appellate Board companyfirmed the order of the Deputy Director but it reduced the amount of penalty from Rs.
The Deputy Director Enforcement Directorate, by his order dated November 20, 1975 rejected the defence set up by the appellant, on the findings that there was numberevidence to show that the foreign buyer had raised companynter claim against the appellant.
The appellant thereafter preferred appeal under Section 23 EE of the Act before the High Court against the appellate order.
30,000/ to Rs.
During the year 1966 it effected shipment of brassware goods to a foreign buyer in the United States valued at U.S. 5976, out of which the appellant repatriated U.S. 2931.
42 leaving a balance of U.S. 3044.
The National and Grindlays Bank who were the appellants bankers informed that the goods were privately disposed of by Mr. Sarna, a partner of the appellants firm.
In reply to the numberice the appellant submitted that the goods had been exported to M s. Oriental Imports, New York who did number pay the entire amount instead the buyer set up a companynter claim against the appellant on account of devaluation of Indian rupee.
N. Singh, J. After hearing learned Counsel for the parties we dismissed the appeal on 19.8.86 and directed that the reasons shall follow later on.
Briefly facts giving rise to this appeal are that the appellant has been carrying the business of exporting goods to the various parts of the world.
The Reserve Bank of India had advised the appellant to get the goods returned to India and to approach the Indian Embassy at Washington for its intervention.
The appellant further asserted that since the companysignee had number paid, full export value of goods companyld number be repatriated.
