https://www.taxtmi.com/caselaws?id=285544 A post facto Reserve Bank of India approval was treated as regularising earlier foreign exchange contraventions to the extent covered by the approval, so penalties for foreign currency accounts and inter-project transfers could not stand. Commission paid to directors was also treated as within an approval for salary payments, rejecting a narrow reading of that approval. Loans to non-resident shareholder-directors were covered by the later approval, and a dividend-related violation could not be sustained where it was not specifically alleged in the show cause notice. The approval also extended to the original share allotment and the consequential bonus and rights shares, so the related contravention findings and penalties were set aside. en-us Thu, 04 Dec 2014 00:00:00 +0530 Thu, 16 Jan 2020 19:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285544 A post facto Reserve Bank of India approval was treated as regularising earlier foreign exchange contraventions to the extent covered by the approval, so penalties for foreign currency accounts and inter-project transfers could not stand. Commission paid to directors was also treated as within an approval for salary payments, rejecting a narrow reading of that approval. Loans to non-resident shareholder-directors were covered by the later approval, and a dividend-related violation could not be sustained where it was not specifically alleged in the show cause notice. The approval also extended to the original share allotment and the consequential bonus and rights shares, so the related contravention findings and penalties were set aside. Case-Laws FEMA Thu, 04 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285544