Ketan Parikh and Co to Deposit Rs. 66 Crores - Loses in Supreme Court
KETAN Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai for FEMA violations. On appeal, the Appellate Tribunal directed the appellants to deposit 50 percent of penalty. The appellants pursued the matter in Delhi and Bombay High Courts.
The matter reached the Supreme Court. The Supreme Court observed that there cannot be Forum Shopping and that the appellants deliberately concealed the facts relating to financial condition and directed the appellants to deposit the amounts as ordered by the Tribunal.
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