Chennai: The Madras High Court on Friday upheld the Rs 28 crore penalty levied on T.T.V.Dinakaran, nephew of AIADMK General Secretary V.K.Sasikala, in a Foreign Exchange Regulation Act (FERA) violation case.
The penalty was levied by FERA Appellate Board in 2000 and relates to deposit of large amounts of cash in his bank account held outside India and his failure to repatriate the same to India when AIADMK under late J.Jayalalithaa was in power in Tamil Nadu during 1991-96.
Originally the penalty was Rs 31 crore but it was subsequently reduced to Rs 28 crore on Dinakaran’s appeal.
–IANS