https://www.taxtmi.com/caselaws?id=103116 Section 29(1)(b) of the Foreign Exchange Regulation Act, 1973 applies to the purchase in India of shares of an Indian company or acquisition of an Indian undertaking; a purchase abroad of shares in foreign companies that incidentally gives indirect control over an Indian company is not treated as that prohibited transaction. On that footing, section 47(1) cannot independently sustain a notice where the underlying statutory prohibition is inapplicable. In adjudication, the noticee may seek relevant RBI and company law records where permission and contravention are in issue, and refusal to summon them can prejudice the defence. The notice and consequential proceedings were quashed. en-us Tue, 14 May 1991 00:00:00 +0530 Mon, 20 Feb 2012 17:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103116 Section 29(1)(b) of the Foreign Exchange Regulation Act, 1973 applies to the purchase in India of shares of an Indian company or acquisition of an Indian undertaking; a purchase abroad of shares in foreign companies that incidentally gives indirect control over an Indian company is not treated as that prohibited transaction. On that footing, section 47(1) cannot independently sustain a notice where the underlying statutory prohibition is inapplicable. In adjudication, the noticee may seek relevant RBI and company law records where permission and contravention are in issue, and refusal to summon them can prejudice the defence. The notice and consequential proceedings were quashed. Case-Laws Companies Law Tue, 14 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103116