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SC dismisses MLTI plea in a FERA violations case

SC dismisses MLTI plea in a FERA violations case
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First Published: Fri, Sep 19 2008. 07 08 PM IST
Updated: Fri, Sep 19 2008. 07 08 PM IST
PTI
New Delhi: The Supreme Court today dismissed an application filed by Maple Lead Trading International Pvt Ltd seeking an early hearing in a FERA violations case.
A bench headed by Chief Justice K G Balakrishnan dismissed its application seeking early hearing and stay on the winding up proceeding filed against Maple Leaf Trading International (MLTI) by its creditors before the Delhi High Court.
The application was moved regarding a pending case filed by the Centre challenging a Delhi High Court order that absolved ABN Amro Bank and Maple Leaf Trading International (MLTI) from charges of Foreign Exchange Regulation Act (FERA) violations by importing and selling gold coins in the country.
MLTI was selling gold coins in the country.
Putting a stay on HC judgement, the apex court had admitted the Centre’s petition against the bank and MLTI on February 20, 2006.
MLTI and its Managing Director Lambert Kroger moved an application seeking an early hearing on the ground that more than nine years has been passed since the case against the company and its directors was instituted by the Enforcement Directorate in 1999.
According to them, the FERA Tribunal and the High Court had already exonerated the company and its directors of all charges.
The activities of the company had been shut down since September 2000 and all the funds in its bank accounts, which also included advance payments deposited by its customers for purchase of products, were confiscated, they added.
Approximately its 4,000 customers in India are at a complete standstill since July 1999 for no fault of theirs and their advances cannot be even refunded as its bank accounts had been frozen, counsel Amit Sibal said.
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First Published: Fri, Sep 19 2008. 07 08 PM IST