1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.1429 OF 2008 1.M/s.Nucleus Netsoft and GIS (India) Ltd. & ors. ...Petitioners. vs. 1.Union of India & ors. ...Respondents. --- Mr.Vivek Nankani with M.R.Baya & Ms.Aarati Sathe, for Petitioners. Mr.L.S.Shetty with M.S.Bhardwaj, for Respondents. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ. DATED: 16TH July, 2008. P.C.:- 1. Rule returnable forthwith. Heard finally by consent of parties. Heard the learned Counsel 2 appearing for both the sides. 2. After having heard the learned Counsel appearing for both the sides, in our opinion, in the facts and circumstances of this case, it will not be appropriate to direct the petitioners to deposit the entire amount of penalty which is amounting to Rs.1,35,00,000/-. In our opinion, the interest of justice as also the interest of the respondents will be sub-served by securing the entire amount. In our opinion, the following order would meet the ends of justice:- (i) On the petitioner no.1 Company giving a bank guarantee in the amount of Rs.1,35,00,000/- (Rupees One crore thirty five lakhs only) of a nationalised bank to the satisfaction of the Deputy Director of Enforcement, the condition of pre-deposit in so far as the appeal filed by the petitioners is concerned, will be treated as satisfied and the Tribunal shall proceed to decide the appeal in accordance with law as expeditiously as possible in any case within a period of six months from the date on which the bank 3 guarantee is furnished. While disposing of the appeal the tribunal may pass appropriate order in relation to the Bank guarantee to be furnished pursuant to this order. (ii) In case the petitioner no.1 fails to furnish the bank guarantee within the aforesaid period, this petition shall be treated as dismissed. Rule is made absolute accordingly. No order as to costs. (D.K.DESHMUKH, J.) (J.P.DEVADHAR, J.) ---