hvn IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION FERA APPEAL NO. 48 OF 2009 M/s. Jayesh Diamonds ... Appellant Versus Union of India and Ors. ... Respondents Mr. Vikram Nankani with Mr. I.J. Nankani i/by M/s. Nankani and Associates for Appellant. Mr. R.V. Desai, Sr. Counsel with Mr. L.S. Shetty, Mr. H.K. Vardhan, Mr. A.C. Singh, Mr. V.B. Tiwari, Mr. D.R. Shah for Respondents. CORAM : F.I. REBELLO & J.H. BHATIA, JJ. DATED : JULY 16, 2009 P.C. In the instant case, the appellant approached this court against the order of the tribunal whereby the penalty of Rs.3 lacs. Has been imposed on the appellants herein. The appellants were a firm who did not bring in the money within time stipulated by R.B.I. I tis the case of the appellant that they were taking steps. The fact that earlier they had sought an extension from the R.B.I. and no further extension could be granted itself indicates that there is breach and consequently the provisions of the act would be attracted. In the instant case, however, the money has thereafter been brought in though belatedly. The tribunal was pleased to reduce the penalty from Rs.20 lacs to Rs 3 lacs. This is purely a technical breach and as the appellant had brought in the money, the penalty is reduced to Rs.1.5 lacs. We make it clear that this order is passed on the peculiar facts and circumstances of this case. (J.H. BHATIA,J.) (F.I. REBELLO,J.)