https://www.taxtmi.com/caselaws?id=250657 Vicarious liability for company contraventions under the Foreign Exchange Regulation Act, 1973 cannot be imposed on a director merely because of his designation. Specific averments and supporting material must show that he was in charge of and responsible for the company's business at the time of contravention; absent that, liability does not arise. A non-executive director's separate denial of day-to-day control, together with an unconsidered defence that compliance certificates were placed before the board, supported the conclusion that the statutory burden was not met. The result was that contravention could not be sustained against him and the protection under Section 68(2) applied. en-us Thu, 31 Jul 2014 00:00:00 +0530 Thu, 21 Aug 2014 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250657 Vicarious liability for company contraventions under the Foreign Exchange Regulation Act, 1973 cannot be imposed on a director merely because of his designation. Specific averments and supporting material must show that he was in charge of and responsible for the company's business at the time of contravention; absent that, liability does not arise. A non-executive director's separate denial of day-to-day control, together with an unconsidered defence that compliance certificates were placed before the board, supported the conclusion that the statutory burden was not met. The result was that contravention could not be sustained against him and the protection under Section 68(2) applied. Case-Laws FEMA Thu, 31 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250657