https://www.taxtmi.com/caselaws?id=101387 Section 68 of the Foreign Exchange Regulation Act, 1973 imposes vicarious criminal liability only on persons who were in charge of, and responsible for, the company's business at the time of contravention. Because the provision is penal, it must be strictly construed. A complaint that merely describes accused persons as directors or states that they were managing the company's affairs is insufficient unless it specifically alleges that they had overall control of the day-to-day business and were responsible for its conduct. In the absence of that foundational averment, prosecution of the directors cannot be sustained and the complaint is liable to be quashed to that extent. en-us Mon, 06 Apr 1987 00:00:00 +0530 Thu, 09 Feb 2012 15:56:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101387 Section 68 of the Foreign Exchange Regulation Act, 1973 imposes vicarious criminal liability only on persons who were in charge of, and responsible for, the company's business at the time of contravention. Because the provision is penal, it must be strictly construed. A complaint that merely describes accused persons as directors or states that they were managing the company's affairs is insufficient unless it specifically alleges that they had overall control of the day-to-day business and were responsible for its conduct. In the absence of that foundational averment, prosecution of the directors cannot be sustained and the complaint is liable to be quashed to that extent. Case-Laws Companies Law Mon, 06 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101387