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The HC dismissed appeals challenging FERA violations involving share transactions by an Indian company without RBI approval. The court determined that the Shroff daughters, who had traveled to the USA on student visas, were "persons resident outside India" rather than "persons resident in India" at the relevant time. This classification was based on evidence indicating their intention to stay abroad indefinitely, including their marriages to USA-settled persons and uncertain return plans. The court applied the animus manendi test and noted that Section 71 FERA places the burden of proving requisite permissions on the accused. Documentary evidence established contraventions of Sections 9, 19, and 29 read with Section 68 FERA. The court rejected arguments regarding disproportionate penalties given the transaction magnitude and upheld the Special Director's and Tribunal's factual findings.
The HC dismissed appeals challenging FERA violations involving share transactions by an Indian company without RBI approval. The court determined that the Shroff daughters, who had traveled to the USA on student visas, were "persons resident outside India" rather than "persons resident in India" at the relevant time. This classification was based on evidence indicating their intention to stay abroad indefinitely, including their marriages to USA-settled persons and uncertain return plans. The court applied the animus manendi test and noted that Section 71 FERA places the burden of proving requisite permissions on the accused. Documentary evidence established contraventions of Sections 9, 19, and 29 read with Section 68 FERA. The court rejected arguments regarding disproportionate penalties given the transaction magnitude and upheld the Special Director's and Tribunal's factual findings.
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