https://www.taxtmi.com/caselaws?id=101712 Section 27 of the Foreign Exchange Regulation Act, 1973 was construed narrowly: the words "whether as promoter or otherwise" were read ejusdem generis with "promoter", so liability arises only where the conduct has the essential attributes of participation as a promoter in a foreign concern, including a financial or proprietary stake. On that construction, permitting foreign bottlers to use trade marks, provide technical assistance, and incur overseas advertising expenditure was treated as business promotion for export sales, not participation in the foreign concerns as promoters. As the petitioners had no share in profits or financial interest and had disclosed the arrangements to the Reserve Bank, the prosecution could not be sustained and the accused were discharged. en-us Fri, 14 Nov 1986 00:00:00 +0530 Fri, 10 Feb 2012 17:42:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101712 Section 27 of the Foreign Exchange Regulation Act, 1973 was construed narrowly: the words "whether as promoter or otherwise" were read ejusdem generis with "promoter", so liability arises only where the conduct has the essential attributes of participation as a promoter in a foreign concern, including a financial or proprietary stake. On that construction, permitting foreign bottlers to use trade marks, provide technical assistance, and incur overseas advertising expenditure was treated as business promotion for export sales, not participation in the foreign concerns as promoters. As the petitioners had no share in profits or financial interest and had disclosed the arrangements to the Reserve Bank, the prosecution could not be sustained and the accused were discharged. Case-Laws Companies Law Fri, 14 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101712