https://www.taxtmi.com/caselaws?id=110066 A company or other body corporate is liable to prosecution under section 56 of the Foreign Exchange Regulation Act, 1973 because the term "person" is wide enough to include juristic persons, and the presence of mandatory imprisonment does not confer immunity. For sentencing, where imprisonment cannot be carried out against a corporate offender, the provision may be construed to permit fine alone so the statute remains workable and its object is preserved. The earlier view in Velliappa Textiles Ltd. on this point was overruled. Corporate offenders are therefore not exempt from penal liability merely because imprisonment is impossible to enforce. en-us Thu, 05 May 2005 00:00:00 +0530 Mon, 22 Sep 2025 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110066 A company or other body corporate is liable to prosecution under section 56 of the Foreign Exchange Regulation Act, 1973 because the term "person" is wide enough to include juristic persons, and the presence of mandatory imprisonment does not confer immunity. For sentencing, where imprisonment cannot be carried out against a corporate offender, the provision may be construed to permit fine alone so the statute remains workable and its object is preserved. The earlier view in Velliappa Textiles Ltd. on this point was overruled. Corporate offenders are therefore not exempt from penal liability merely because imprisonment is impossible to enforce. Case-Laws Companies Law Thu, 05 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110066