Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Delay in issuing the show cause notice did not defeat the FEMA contravention claim because the company had been alerted early and still failed to produce exchange control copies, bills of entry, or any other proof that goods were imported against the remittances. The Tribunal therefore sustained the finding of contravention of Section 10(6) read with Regulation 6(1), distinguishing authorities relied on by the appellants on their facts. It also upheld separate liability of the Managing Director under Section 42, since he was responsible for the company's business and showed no due diligence to prevent the breach. The penalties on both appellants were, however, reduced as excessive.
Delay in issuing the show cause notice did not defeat the FEMA contravention claim because the company had been alerted early and still failed to produce exchange control copies, bills of entry, or any other proof that goods were imported against the remittances. The Tribunal therefore sustained the finding of contravention of Section 10(6) read with Regulation 6(1), distinguishing authorities relied on by the appellants on their facts. It also upheld separate liability of the Managing Director under Section 42, since he was responsible for the company's business and showed no due diligence to prevent the breach. The penalties on both appellants were, however, reduced as excessive.
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