https://www.taxtmi.com/caselaws?id=457860 The Tribunal adjudicated an appeal concerning a penalty under the Foreign Exchange Regulation Act. The company's appeal was dismissed due to lack of proper authorization by an ex-director. However, the ex-director's individual appeal was partly allowed, reducing the penalty from Rs. 50,000 to Rs. 5,000, considering mitigating circumstances. The ex-director was allotted 30 days to remit the reduced penalty, with provisions for recovery by respondents if unpaid. en-us Thu, 12 Sep 1996 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457860 The Tribunal adjudicated an appeal concerning a penalty under the Foreign Exchange Regulation Act. The company's appeal was dismissed due to lack of proper authorization by an ex-director. However, the ex-director's individual appeal was partly allowed, reducing the penalty from Rs. 50,000 to Rs. 5,000, considering mitigating circumstances. The ex-director was allotted 30 days to remit the reduced penalty, with provisions for recovery by respondents if unpaid. Case-Laws FEMA Thu, 12 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457860