By order dated 7.3.2006 the Tribunal passed an order directing deposit of 60 of the penalty amount for the purpose of entertaining the appeal.
The Special Director, of Foreign Exchange Act passed an order on 13th May, 2005 imposing penalty of Rs.25 lakhs on the appellant.
The reply to the show cause numberice was filed by the appellant.
The memorandum was issued under Rule 3 of the Adjudication Proceedings and Appeal Rules, 1974 in short Adjudication Rules .
The appellant preferred an appeal before the Appellate Tribunal Foreign Exchange in short the Tribunal and filed an application for dispensing with the requirement of pre deposit.
Dr. ARIJIT PASAYAT, J. Leave granted.
Challenge in this appeal is to the order passed by a Division Bench of the Calcutta High Court dismissing the appeal filed by the appellant under Section 35 of Foreign Exchange Management Act, 1999 in short the Act .
Background facts in a nutshell are as follows Memorandum was issued by the Enforcement Directorate, Ministry of Finance.
