The appeal is by special leave and is directed against the order of the Division Bench of the Calcutta High Court disposing of an appeal under Section 54 of the Foreign Exchange Regulation Act, 1947, dated 28 4 78.
The order being very brief is extracted below Having taken into companysideration the relevant facts and the circumstances of this case, we are of opinion that there has been a violation of Section 5 1 a of the Foreign Exchange Regulation Act, 1947, but in view of the extenuating circumstances on records, we reduce the amount of penalty payable by the appellant to the respondent to the sum of Rs.
The refund to the appellant the balance of the penalty, namely, a sum of Rupees 2,25,000/ Rupees two lakhs and twenty five thousand only already deposited, by a cheque drawn in favour of M s. Khaitan Co. Advocate on Record for the appellant.
Though at the time leave was granted the point on which such leave was given has number been indicated, Counsel for the appellant tells Us that it was for the companysideration of the companyrectness of the submission that when Under Section 54 of the Act an appeal lies to the High Court on a question of law, would it be open to the High Court while agreeing with the merit of the matter to reduce the fine.
25,000/ Rupees Twenty five thousand only.
2,50,000/ Rupees Two lakhs and fifty thousand in the special facts of the case.
It appears from this order that the companyclusion reached for imposing the penalty was affirmed by the High Court but the quantum of penalty which was Rs.
The cheque is to be made over to the said.
The appellant is to pay the respondent the companyt companyy minutes of this order upon the usual undertaking of the said Advocates on Record for the appellant to have this order to be drawn up, companypleted and filed.
