Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Delayed reporting of foreign direct investment remittances, delayed allotment of shares and non-filing of FC-GPR constituted contraventions under FEMA and the applicable regulations on admitted facts, so the company's breach findings were upheld. A later RBI circular on late submission fees was held inapplicable because it was expressly prospective and the remittances predated it, so that plea failed. Liability of the individual directors was also sustained because the record showed they were responsible for share-allotment and regulatory compliance. The proceedings were treated as civil in nature, absence of mens rea did not bar penalty, but the amounts were reduced on proportionality grounds.
Delayed reporting of foreign direct investment remittances, delayed allotment of shares and non-filing of FC-GPR constituted contraventions under FEMA and the applicable regulations on admitted facts, so the company's breach findings were upheld. A later RBI circular on late submission fees was held inapplicable because it was expressly prospective and the remittances predated it, so that plea failed. Liability of the individual directors was also sustained because the record showed they were responsible for share-allotment and regulatory compliance. The proceedings were treated as civil in nature, absence of mens rea did not bar penalty, but the amounts were reduced on proportionality grounds.
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