https://www.taxtmi.com/caselaws?id=263188 Section 68 of the Foreign Exchange Regulation Act created only a rebuttable deeming fiction, and a director could not be fixed with vicarious liability merely by virtue of office. Liability required specific averments and supporting material showing that the person was in charge of and responsible for the company's business at the relevant time. General, identical allegations against all directors, without facts particular to the appellant's role in day-to-day affairs, were insufficient. In the absence of such material, the statutory presumption was not established and the orders against the appellant were unsustainable. en-us Wed, 15 Jan 2014 00:00:00 +0530 Fri, 28 Aug 2015 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263188 Section 68 of the Foreign Exchange Regulation Act created only a rebuttable deeming fiction, and a director could not be fixed with vicarious liability merely by virtue of office. Liability required specific averments and supporting material showing that the person was in charge of and responsible for the company's business at the relevant time. General, identical allegations against all directors, without facts particular to the appellant's role in day-to-day affairs, were insufficient. In the absence of such material, the statutory presumption was not established and the orders against the appellant were unsustainable. Case-Laws FEMA Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263188