Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
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Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
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