Court frames charges against Abhishek Verma under FERA

New Delhi, Aug 3 (UNI) A local court today framed charges against Abhishek Verma, chairman, M/S Essam India Ltd (now changed as Altavista India Ltd) for contravention of the provisions under Foreign Exchange Regulation Act.

Navin Kumar Matta, special public prosecuter, on behalf of enforcement directorate argued that in the year 1997 company M/S Essam India Ltd through its chairman Abhishek Verma other than an authorised dealer or money changer, acquired foreign exchange to the tune of 340000 US dollars, for the particular purpose of importing computer system from M/S European Capital Ltd, Sharjah, UAE.

The company failed to import the said goods of value representing the foreign exchange acquired by them without permission of Reserve Bank of India, and thus had committed an offence under section 8(3) read with 8(4) of Foreign Exchange Regulation Act.

Additional Chief Metropolitan Magistrate A K Kuhar after hearing the argument of Defence and Prosecution framed charges against Abhishek Verma through its company, on which Verma replied not guilty and said he will like to cross examine the witness after charges. The court then adjourned the matter for November 20, 2007 for post charge evidence.

UNI