https://www.taxtmi.com/caselaws?id=110800 The court overturned the penalties imposed on the director of M/s. Hastings Mill for the company's failure to fulfill export obligations under the EPCG license. The court found that the authorities did not provide sufficient reasons to hold the director personally liable and criticized the lack of clarity in attributing responsibility. Emphasizing the need for concrete justifications and adherence to legal principles, the court ruled in favor of the director, highlighting the importance of establishing a clear link between a director's actions and the company's obligations when imposing penalties under the Foreign Trade Act. en-us Mon, 17 Apr 2006 00:00:00 +0530 Mon, 17 Aug 2015 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110800 The court overturned the penalties imposed on the director of M/s. Hastings Mill for the company's failure to fulfill export obligations under the EPCG license. The court found that the authorities did not provide sufficient reasons to hold the director personally liable and criticized the lack of clarity in attributing responsibility. Emphasizing the need for concrete justifications and adherence to legal principles, the court ruled in favor of the director, highlighting the importance of establishing a clear link between a director's actions and the company's obligations when imposing penalties under the Foreign Trade Act. Case-Laws Companies Law Mon, 17 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110800