SC upholds Madras HC order on Rs 28 crore Fera penalty on TTV Dhinakaran

New Delhi: T.T.V Dinakaran, former AIADMK MP and nephew of general secretary V.K. Sasikala, suffered a setback on Friday when the Supreme Court affirmed the Madras HC order upholding the Fera Appellate Board's decision in May 2000 to impose a penalty of Rs 28 crore in a case initiated by the Enforcement Directorate in 1996.

A bench of Justices A.K. Goel and Uday Lalit dismissed Dinkaran's appeal against the high court and seeking stay of payment of the penalty. The matter pertained to receipt of more than 10 million USD by Dinkaran in alleged contravention of the Foreign Exchange Regulation Act in 1994-95.

The Bench, after hearing former Attorney General and senior advocate Mukul Rohatgi, appearing for the petitioner dismissed the appeal. The Bench rejected the arguments of Mr. Rohatgi that the petitioner had stayed in Singapore for 25 years and that he was a permanent resident of Singapore and Fera law would not be applicable to him.