https://www.taxtmi.com/caselaws?id=439484 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 arises only where the company's contravention is first proved. Where the adjudicating authority dropped proceedings against the company and other noticees after finding that the alleged violations were not established, the derivative criminal prosecution against an individual accused had no surviving foundation. On that footing, continuation of the complaint against the petitioner was unsustainable and liable to be quashed. The prosecution could not survive once the principal proceeding failed and the basis for corporate-linked liability disappeared. en-us Wed, 14 Jun 2023 00:00:00 +0530 Sat, 24 Jun 2023 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439484 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 arises only where the company's contravention is first proved. Where the adjudicating authority dropped proceedings against the company and other noticees after finding that the alleged violations were not established, the derivative criminal prosecution against an individual accused had no surviving foundation. On that footing, continuation of the complaint against the petitioner was unsustainable and liable to be quashed. The prosecution could not survive once the principal proceeding failed and the basis for corporate-linked liability disappeared. Case-Laws FEMA Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439484