Mumbai: The Bombay High Court has rejected a petition filed by Riddhi Siddhi Bullion Ltd (RSBL) challenging levy of a Rs 100 crore penalty and cancellation of its Nominated Agency Certificate by the Director General of Foreign Trade (DGFT).
The action was initiated after the bullion trader allegedly diverted 200 kg of gold into the domestic market instead of exporting it.
A division bench of Justice S C Dharmadhikari and Justice B P Colabawala, while refusing to interfere in the decision of the authority, said, “This is not a case of an order based on no evidence.”
The court said it is an order based on appreciation and appraisal of the relevant and material documents before the adjudicating authority. “The findings of fact cannot be termed as perverse or vitiated by any error of law apparent on the face of the record either.”