Current Affairs

Russian Co Moves Against Govt’s Plan to Confiscate Property

Pointing out that it has already appealed against the Directorate of Enforcement (DE) directive to confiscate its four properties in Goa for violating Foreign Exchange Management Act, the Russian Company True Axis Pvt. Ltd., has asked the Chief Secretary not to proceed with the confiscation.

True Axis’ properties were amongst the 400 properties referred to the Directorate of Enforcement for violations of Foreign Exchange Management Act and after the DE had recommended confiscation of the properties on grounds that FEMA was violated, the State cabinet had decided to confiscate the properties.
The company’s lawyer Vikram Varma said the appeal has been filed before the Appellate Tribunal for Foreign Exchange and disclosed that the company proposed to construct a hotel project in these four properties situated in the Mandrem village of Pernem taluka and further added that various government authorities had ratified the purchase of the properties.

While the Sub-Registrar had registered the Sale Deed, various other government authorities had granted several permissions and licenses to the company including one to repair existing structure in the property, he said.

Advocate Vikram Varma said the equity for the company has been provided under 100 per cent foreign direct investment police of the union Government.

The DE had levied a penalty of ` 7,00,000/- and an additional penalty of ` 2,00,000 on its director for violations of FEMA and also ordered confiscation of the properties. However, the company has appealed against this order and the appeal has been admitted and is pending disposal thereby making the issue sub-judice argued Vikram Varma.

He disclosed that the fines ordered have been deposited before the DE thereby indicating the bonafide intentions of the company, said Vikram Varma.

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