SC asks Chandraswami for Rs 25 lakh penalty

June 15, 2011 18:17

The Supreme Court today directed self-proclaimed godman Chandraswami to deposit Rs 25 lakh within a week as the first tranche of penalty in several FEMA violation cases registered by the Enforcement Directorate.

A vacation bench of justices B S Chauhan and Swatanter Kumar directed Chandraswami and his associate Vikram Singh to deposit the money in the four matters in which ED has slapped a penalty.

The ED has imposed a total penalty of Rs 9 crores (approx) on Chandraswami in 13 cases of FERA violations for acquiring foreign exchange in contravention of the Act.

During the proceedings, the bench said he Chandswami has to pay more than eight crore and asked from his counselwhether he would pay the penalty or not.

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