https://www.taxtmi.com/caselaws?id=188282 Vicarious liability of a director under foreign exchange law can arise only if the complaint specifically alleges that, at the time of the contravention, the person was in charge of and responsible for the conduct of the company's business. Applying strict construction to this penal provision, the Court found that the complaint, read as a whole, did not make such a clear and specific averment against the petitioner; the material instead suggested that other persons were directly handling the business. The bank letter also did not clearly distinguish directors from guarantors, and no independent material was shown to meet the statutory threshold. The proceedings against the petitioner were therefore liable to be quashed. en-us Tue, 29 Apr 2008 00:00:00 +0530 Thu, 24 Nov 2016 12:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188282 Vicarious liability of a director under foreign exchange law can arise only if the complaint specifically alleges that, at the time of the contravention, the person was in charge of and responsible for the conduct of the company's business. Applying strict construction to this penal provision, the Court found that the complaint, read as a whole, did not make such a clear and specific averment against the petitioner; the material instead suggested that other persons were directly handling the business. The bank letter also did not clearly distinguish directors from guarantors, and no independent material was shown to meet the statutory threshold. The proceedings against the petitioner were therefore liable to be quashed. Case-Laws FEMA Tue, 29 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188282