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Judgment
We have heard Mr. J. J. Bhatt, Advocate assisted by Ms. Rinku Valanju and Mr. Pratham Masurekar, Advocate for the Appellant and Mr. Rashid
Boatwalla, Advocate assisted by Mr. Rahul Jain and Mr. Pruthvi Dhinojia, Advocates for the Respondent.
Four weeks time is allowed to the respondent to file a reply. Two weeks thereafter to the appellant to file rejoinder. List this matter on 27th
November, 2020 for admission and for final disposal. In the meanwhile, the appellant shall deposit the penalty amount of Rs.21,77,200 within 2 weeks
from today before the respondent which shall be kept in an interest bearing account and would be subject to the result of the appeal. In the meanwhile,
the operation of the impugned order shall remain stayed during the pendency of the appeal.
Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video
conferencing or through physical hearing.
The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a
certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf
of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed
copy sent by fax and/or email.