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of The appellants challenged the order contravening FEMA for unauthorized direct investment outside India in an overseas JV not engaged in bona fide business activity. They argued the investment was through purchase of existing shares, a valid mode under FEMA not requiring RBI permission. The term 'bona fide business activity' was undefined, and the JV's purpose of exploring global opportunities in steel and textile sectors was legitimate. The Tribunal found the order lacked reasoned decision on relevant aspects like investment mode, need for permission, and bona fide activity, necessitating remand for fresh adjudication. Consequently, the Tribunal set aside the order and remanded the matter for fresh adjudication with a reasoned order.
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