Ashok Bhushan, J. - (1.) HEARD Sri R.N. Trivedi, learned Senior Advocate, assisted by Sri Anurag Khanna for the Petitioners, Sri S.K. Mishra, Additional Standing Counsel appearing for Respondents No. 1, 3 and 4 and Sri Ravi Kant, learned Senior Advocate, assisted by Sri Tarun Agarwal, appearing for Respondent No. 2.
(2.) PETITIONER No. 1, M/s. L.M.L. Limited, is a public limited company registered under the Companies Act, 1956 and engaged in the manufacture, marketing and sale of scooters under the brand name "LML" having its registered office, its manufacturing plant and principal place of business at Kanpur. Petitioner No. 2 is Director of the Company. The Petitioners have come up in this writ petition praying for quashing the proceedings and investigation pursuant to notice/ summon dated 29th January, 2007 and notices/summons of subsequent dates last being 11th May, 2010 by which investigation under Section 37 of the Foreign Exchange Management Act, 1999 has been initiated for alleged contravention of the provisions of the Foreign Exchange Management Act, 1999 (hereinafter referred to as the FEMA), rules, regulations, notifications, directions or orders issued under the FEMA. The Petitioners have also prayed for a direction restraining the Respondents from proceeding any further in the matter and for closing the case.
(3.) A Division Bench of this Court (consisting of Hon'ble Rakesh Sharma and Hon'ble Shyam Shankar Tiwari, JJ.) heard the writ petition and by an order dated 9th June, 2010 further proceedings and investigation being carried out by the Respondents were stayed. The Respondents No. 1 to 4, feeling aggrieved by stay of the proceedings, filed special leave to petition before the Apex Court which was converted as Civil Appeal No. 2012 of 2011. The said civil appeal was disposed of by the Apex Court vide order dated 21st February, 2011. The Apex Court set -aside the order dated 9th June, 2010 passed by this Court and remitted the matter to the High Court for fresh consideration. The Respondents No. 1 to 4, who were Appellants before the Apex Court, were allowed time to file counter affidavit and the High Court was directed to dispose of the matter as expeditiously as possible preferably within six weeks from the date of receipt of the order. Although the order of the Apex Court was placed on record by office report dated 4th April, 2011 and by order of Hon'ble the Chief Justice dated 22nd May, 2011 this Bench was nominated but due to adjournments sought by the Respondents (Appellants before the Apex Court) on three occasions, the hearing could be concluded on 16th August, 2011 and the writ petition is being decided today.;