https://www.taxtmi.com/caselaws?id=401388 The court quashed the RBI's rejection order and remanded the matter for reconsideration, emphasizing the need for reasons in such decisions. It held that the rejection lacked justification and failed to adhere to regulations, specifically Regulation 9. The court highlighted that the RBI must independently assess applications, considering factors like investment viability and applicant's financial standing, rather than solely relying on objections from other agencies. Additionally, the court validated transactions conducted under interim orders and lifted restrictions on the petitioner's assets. en-us Fri, 04 Dec 2020 00:00:00 +0530 Sat, 05 Dec 2020 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401388 The court quashed the RBI's rejection order and remanded the matter for reconsideration, emphasizing the need for reasons in such decisions. It held that the rejection lacked justification and failed to adhere to regulations, specifically Regulation 9. The court highlighted that the RBI must independently assess applications, considering factors like investment viability and applicant's financial standing, rather than solely relying on objections from other agencies. Additionally, the court validated transactions conducted under interim orders and lifted restrictions on the petitioner's assets. Case-Laws FEMA Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401388