1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION FERA APPEAL NO.12 OF 2009 WITH CIVIL APPLICATION NO.1 OF 2009 Oriental Bank of Commerce ..Appellant. V/s. Special Director & Anr. ..Respondents. Mr. Vimal Gupta for appellant. Mr. P.S. Jetly for respondents. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 6TH NOVEMBER, 2009. P.C. :- 1. Heard learned counsel for the rival parties. Admit on the following substantial questions of law:- A. Whether the Appellate Tribunal of Foreign Exchange was justified in holding that the appellant bank had contravened the provisions of section 6(4) and 6(5) of FERA r/w Section 73(3) of FERA 1973 even though it is an admitted fact that the subject Letter of Credit was opened without contravention of any law and with due approval of RBI and further payment was made in accordance with the terms of the said Letter of Credit which was valid and subsisting at the time of payment ? B. Whether the Appellate Tribunal of Foreign Exchange was justified in confirming the order of adjudicating officer holding that the appellant is guilty of contravening section 6(4) and 6 (5) read with section 73(3) of the FERA Act, 1973, even though it is not the case of the adjudicating officer that the appellant bank had conducted a transaction involving foreign exchange which is not in conformity with 2 the terms of the authorization of the appellant bank under section 6 of FERA Act, 1973 ? 2. So far as the other questions are concerned, they are different shades of the same questions. The appeal is, therefore, admitted only on the above two questions. 3. In the meanwhile, interim relief already operating in favour of the appellant to continue subject to the continuing of the bank guarantee. The bank guarantee should be kept alive till the appeal is pending. Failure to keep the bank guarantee alive will result in automatic vacation of the interim relief. 4. Civil application is disposed of accordingly with no order as to costs. 5. Mr. Jetly waives service for the respondents. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)