[Civil Appeal No. 680 of 2014 @ SLP (C) No.7655 of 2011]. In these two appeals, the challenge is to a common judgment of the Division Bench of the High Court of Judicature at Bombay in FEMA Appeal Nos.3 & 4 of 2008, dated 14th October 2010. Brief Facts which led to the culmination of the present appeals are required to be stated. The Appellant in SLP No.7655 of 2011 is the company and the Appellant in SLP No.7657 of 2011 was also proceeded against as the Executive Director of the company. The Respondent issued a show cause notice against the Appellants dated 29th April 2002, wherein it was alleged that the Appellant in SLP No.7655 of 2011 sold foreign currency to the value of 1,47,000 US$ and 1000 Sterling £ of UK between 29.4.1997 to 5.6.1997 through unauthorized persons deputed by M/s Hotel Zam Zam in violation of Sections 6(4), 6(5), 7 & 8 of the Foreign Exchange Regulation Act, 1973 (hereinafter called "FERA") as well as paragraph 3 of the Memorandum of FLM issued by RBI.
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