https://www.taxtmi.com/caselaws?id=446758 The HC dismissed petitions challenging FEMA proceedings against parties who allegedly held shares in a Singapore company. Petitioners argued that the Competent Authority's order not to seize their assets under Section 37-A precluded adjudication proceedings. The court held that FEMA creates independent authorities for seizure and adjudication, and the Competent Authority's decision cannot interfere with the Adjudicating Authority's jurisdiction. The court found no prejudice from the corrigendum altering provisions from Section 13(2) to 13(1A), as it merely clarified potential consequences without changing the underlying accusation. The petitions were deemed non-entertainable, allowing the adjudication proceedings to continue. en-us Thu, 30 Nov 2023 00:00:00 +0530 Mon, 11 Dec 2023 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446758 The HC dismissed petitions challenging FEMA proceedings against parties who allegedly held shares in a Singapore company. Petitioners argued that the Competent Authority's order not to seize their assets under Section 37-A precluded adjudication proceedings. The court held that FEMA creates independent authorities for seizure and adjudication, and the Competent Authority's decision cannot interfere with the Adjudicating Authority's jurisdiction. The court found no prejudice from the corrigendum altering provisions from Section 13(2) to 13(1A), as it merely clarified potential consequences without changing the underlying accusation. The petitions were deemed non-entertainable, allowing the adjudication proceedings to continue. Case-Laws FEMA Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446758