https://www.taxtmi.com/caselaws?id=457778 Liability of a company director under section 68(1) of the Foreign Exchange Regulation Act, 1973 depends on a prior finding that the exporter-company itself committed the underlying contravention; without such a finding, vicarious penalty cannot be sustained. In contrast, a penalty for non-realisation of export proceeds under section 18(2) read with section 18(3) was sustained where the foreign buyer's insolvency and the request for instalments were not supported by material sufficient to displace the adjudicating findings, and the delay weighed against relief. en-us Fri, 20 Aug 1999 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457778 Liability of a company director under section 68(1) of the Foreign Exchange Regulation Act, 1973 depends on a prior finding that the exporter-company itself committed the underlying contravention; without such a finding, vicarious penalty cannot be sustained. In contrast, a penalty for non-realisation of export proceeds under section 18(2) read with section 18(3) was sustained where the foreign buyer's insolvency and the request for instalments were not supported by material sufficient to displace the adjudicating findings, and the delay weighed against relief. Case-Laws FEMA Fri, 20 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457778