https://www.taxtmi.com/caselaws?id=252270 Pending revision proceedings under the repealed foreign exchange law were preserved by the saving provisions in the successor exchange management regime and did not abate on repeal. In corporate contravention matters, vicarious liability could not be fastened on directors alone where no effective proceedings were taken against the company as the principal entity; the proceedings were therefore unsustainable on that footing. A revisional tribunal also could not reverse adjudication orders by drawing factual inferences or relying on materials not properly supported by the record. On this reasoning, the adjudication orders were restored and the contrary appellate decision was set aside. en-us Wed, 24 Sep 2014 00:00:00 +0530 Thu, 16 Oct 2014 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252270 Pending revision proceedings under the repealed foreign exchange law were preserved by the saving provisions in the successor exchange management regime and did not abate on repeal. In corporate contravention matters, vicarious liability could not be fastened on directors alone where no effective proceedings were taken against the company as the principal entity; the proceedings were therefore unsustainable on that footing. A revisional tribunal also could not reverse adjudication orders by drawing factual inferences or relying on materials not properly supported by the record. On this reasoning, the adjudication orders were restored and the contrary appellate decision was set aside. Case-Laws FEMA Wed, 24 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252270