Penalty proceedings to be stayed for shortfall of Net Foreign Exchange against Nokia seeking exit from SEZ: Delhi HC

EXCISE/ST/VAT : Where petitioner has challenged Rules 53 and 80 of the Special Economic Zone Rules, 2006 (SEZ Rules) inserted by way of Clauses 28 and 33 of the Special Economic Zone (Amendment) Rules, 2018 dated 21-9-2018 as ultra vires the Constitution of India as well as SEZ Act, 2005 and has furnished the Bank Guarantee equivalent to the amount of the penalty imposed for NFE shortfall,

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