https://www.taxtmi.com/caselaws?id=390931 The tribunal upheld that the appellant company and its Managing Director contravened Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 by investing in step-down subsidiaries without RBI approval. Penalties imposed were deemed proportionate under FEMA, with the Managing Director held personally liable due to his involvement in company activities. The tribunal dismissed the appeals, affirming the penalties and rejecting requested reliefs. en-us Thu, 09 Jan 2020 00:00:00 +0530 Tue, 14 Jan 2020 07:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390931 The tribunal upheld that the appellant company and its Managing Director contravened Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 by investing in step-down subsidiaries without RBI approval. Penalties imposed were deemed proportionate under FEMA, with the Managing Director held personally liable due to his involvement in company activities. The tribunal dismissed the appeals, affirming the penalties and rejecting requested reliefs. Case-Laws FEMA Thu, 09 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390931