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Informist, Wednesday, Jul 24, 2024

 

--HC quashes proceeding vs Hero MotoCorp Munjal in FX currency case

 

NEW DELHI – The Delhi High Court today quashed proceedings against Hero MotoCorp Chairman Pawan Munjal in connection with a case registered by the Directorate of Revenue Intelligence related to foreign currency. The high court allowed the appeal by Munjal and quashed all proceedings pending before the Additional Chief Metropolitan Magistrate, Patiala House Court. A detailed order is awaited. 

 

A complaint was filed by the Directorate under the Customs Act, 1962 against Munjal and others for illegally taking foreign exchange equivalent to 540 mln rupees out of India.  

 

Munjal had moved the high court to quash the complaint, which was pending before the Additional Chief Metropolitan Magistrate. Further, Munjal had asked the high court to set aside the Additional Chief Metropolitan Magistrate's order summoning him. In November last year, the high court stayed the proceedings initiated by the Directorate of Revenue Intelligence and had issued a notice to the Directorate on the main case.

 

Munjal's counsel had said that the Additional Chief Metropolitan Magistrate's order was passed in a mechanical manner, without observing any reasons thereof, and without appreciating the fact that the revenue intelligence body concealed a judgement passed by the Customs, Excise and Service Tax Appellate Tribunal, whereby the petitioner was exonerated on the same set of facts which form part of the present complaint.  End

 

At 1238 IST, shares of Hero MotoCorp were down 1.1% at 5,451.55 rupees on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Tanima Banerjee

 

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