https://www.taxtmi.com/caselaws?id=755204 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 attaches only where an officer was in charge of and responsible for the company's business at the relevant time, or where consent, connivance, or neglect is proved. The record did not show any role in the import transaction, the export obligation, or decision-making connected with the alleged contravention, and later appointment as director did not establish responsibility for earlier acts. Mere designation as a director or nominal officer was insufficient to sustain penalty. en-us Wed, 12 Jun 2024 00:00:00 +0530 Mon, 08 Jul 2024 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755204 Vicarious liability under Section 68 of the Foreign Exchange Regulation Act, 1973 attaches only where an officer was in charge of and responsible for the company's business at the relevant time, or where consent, connivance, or neglect is proved. The record did not show any role in the import transaction, the export obligation, or decision-making connected with the alleged contravention, and later appointment as director did not establish responsibility for earlier acts. Mere designation as a director or nominal officer was insufficient to sustain penalty. Case-Laws FEMA Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755204