https://www.taxtmi.com/caselaws?id=101223 Permission under section 29(1)(b) of the Foreign Exchange Regulation Act could be granted after the transaction and on conditions, because the provision does not require prior approval and must be read to support foreign exchange regulation. Overseas entities were eligible for portfolio investment if the ultimate beneficial ownership satisfied the Indian nationality or origin requirement, and the corporate veil could be lifted only to test that limited eligibility. Allegations of mala fides or non-application of mind against the Reserve Bank and the Union failed, and the shareholder requisition notice for an extraordinary general meeting was not invalid merely because it was unwelcome. The matter was remitted for a fresh enquiry into the share purchases and the designated bank's conduct. en-us Thu, 19 Dec 1985 00:00:00 +0530 Tue, 06 Feb 2018 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101223 Permission under section 29(1)(b) of the Foreign Exchange Regulation Act could be granted after the transaction and on conditions, because the provision does not require prior approval and must be read to support foreign exchange regulation. Overseas entities were eligible for portfolio investment if the ultimate beneficial ownership satisfied the Indian nationality or origin requirement, and the corporate veil could be lifted only to test that limited eligibility. Allegations of mala fides or non-application of mind against the Reserve Bank and the Union failed, and the shareholder requisition notice for an extraordinary general meeting was not invalid merely because it was unwelcome. The matter was remitted for a fresh enquiry into the share purchases and the designated bank's conduct. Case-Laws Companies Law Thu, 19 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101223