https://www.taxtmi.com/caselaws?id=756959 The Appellate Tribunal under SAFEMA dismissed a revision petition concerning director liability under FEMA provisions. The Tribunal held that liability under Section 42(1) depends on actual role in company affairs, not mere designation as director. Two directors were found not actively involved in policy-making or day-to-day operations, while another director was identified as the main person in-charge who handled company affairs and foreign bank accounts. The Enforcement Directorate failed to record statements from the respondent directors or produce evidence showing their responsibility for company conduct. The Tribunal upheld the lower authority's order exonerating the non-active directors. en-us Mon, 01 Jul 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756959 The Appellate Tribunal under SAFEMA dismissed a revision petition concerning director liability under FEMA provisions. The Tribunal held that liability under Section 42(1) depends on actual role in company affairs, not mere designation as director. Two directors were found not actively involved in policy-making or day-to-day operations, while another director was identified as the main person in-charge who handled company affairs and foreign bank accounts. The Enforcement Directorate failed to record statements from the respondent directors or produce evidence showing their responsibility for company conduct. The Tribunal upheld the lower authority's order exonerating the non-active directors. Case-Laws FEMA Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756959