https://www.taxtmi.com/caselaws?id=78170 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 attaches only where a person is specifically shown to have been in charge of and responsible for the company's business at the relevant time. Mere designation as a nominee or provisional director is insufficient. On the record, the proposed appointment as managing director had been deferred and there was no evidence that the appellant led day-to-day business; the statutory satisfaction required for liability was not recorded. The penalty was therefore unsustainable and was set aside. en-us Thu, 16 Sep 2010 00:00:00 +0530 Fri, 04 May 2012 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78170 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 attaches only where a person is specifically shown to have been in charge of and responsible for the company's business at the relevant time. Mere designation as a nominee or provisional director is insufficient. On the record, the proposed appointment as managing director had been deferred and there was no evidence that the appellant led day-to-day business; the statutory satisfaction required for liability was not recorded. The penalty was therefore unsustainable and was set aside. Case-Laws FEMA Thu, 16 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78170