https://www.taxtmi.com/caselaws?id=457739 Non-realisation of export proceeds under FERA section 18(3) raised a rebuttable presumption of contravention, but it was displaced because the exporter showed persistent and bona fide recovery efforts, including reminders, foreign legal action, a decree, pursuit after liquidation, partial recovery through the liquidator, and an RBI extension of time. The finding of contravention was therefore unsustainable. A consolidated penalty on the company and all directors was also unsustainable because liability under section 68(1) requires proof that each director was in charge of and responsible for the conduct of business at the relevant time, and that foundational requirement was not established against all directors. en-us Mon, 27 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457739 Non-realisation of export proceeds under FERA section 18(3) raised a rebuttable presumption of contravention, but it was displaced because the exporter showed persistent and bona fide recovery efforts, including reminders, foreign legal action, a decree, pursuit after liquidation, partial recovery through the liquidator, and an RBI extension of time. The finding of contravention was therefore unsustainable. A consolidated penalty on the company and all directors was also unsustainable because liability under section 68(1) requires proof that each director was in charge of and responsible for the conduct of business at the relevant time, and that foundational requirement was not established against all directors. Case-Laws FEMA Mon, 27 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457739