Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
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Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The High Court considered the cancellation of petitioner's registration due to business not conducted from declared place and non-existent firm. The Court held that principles of natural justice require providing the petitioner with a copy of the letter forming the basis of the show cause notice for effective defense. The cancellation order was initiated by an authority higher in rank than the one passing the order, raising procedural concerns. The petitioner was not given the opportunity to respond to the inquiry conducted by D.G.G.I. as the points and findings were not communicated. Consequently, the Court found the orders unsustainable in law and allowed the petition.
The High Court considered the cancellation of petitioner's registration due to business not conducted from declared place and non-existent firm. The Court held that principles of natural justice require providing the petitioner with a copy of the letter forming the basis of the show cause notice for effective defense. The cancellation order was initiated by an authority higher in rank than the one passing the order, raising procedural concerns. The petitioner was not given the opportunity to respond to the inquiry conducted by D.G.G.I. as the points and findings were not communicated. Consequently, the Court found the orders unsustainable in law and allowed the petition.
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