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of <h1>Corporate Leadership Faces Shared Accountability for Foreign Exchange Violations Under Comprehensive Regulatory Framework</h1> Legal provisions addressing corporate liability under Foreign Exchange Management Act establish joint responsibility for company and its leadership during regulatory contraventions. When a company violates provisions, both the corporate entity and responsible executives can be held liable. Executives may avoid punishment by proving lack of knowledge or demonstrating due diligence to prevent violations. Additionally, directors or officers who consent to or negligently enable contraventions can be individually prosecuted. The statute broadly defines 'company' to include corporate bodies, firms, and associated entities.
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