https://www.taxtmi.com/caselaws?id=111718 An appeal confined to questions of law under FERA could not disturb concurrent factual findings that the statutory presumption of culpable mental state under section 59 had been rebutted, absent perversity or legal error. The court held that incorporation of an Indian company by a foreign investor, foreign equity allotment under the automatic approval route, and disclosures in RBI forms did not, on the record, establish contravention after the 1993 amendment and the 1998 notification permitting such investment. It also held that the bank's opening of accounts and sale of gold were not shown to be foreign exchange transactions on behalf of the investor, so no violation by the bank was proved. en-us Wed, 21 Sep 2005 00:00:00 +0530 Tue, 24 Apr 2012 18:23:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111718 An appeal confined to questions of law under FERA could not disturb concurrent factual findings that the statutory presumption of culpable mental state under section 59 had been rebutted, absent perversity or legal error. The court held that incorporation of an Indian company by a foreign investor, foreign equity allotment under the automatic approval route, and disclosures in RBI forms did not, on the record, establish contravention after the 1993 amendment and the 1998 notification permitting such investment. It also held that the bank's opening of accounts and sale of gold were not shown to be foreign exchange transactions on behalf of the investor, so no violation by the bank was proved. Case-Laws Companies Law Wed, 21 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111718