https://www.taxtmi.com/caselaws?id=458094 The Appellate Tribunal SAFEMA, New Delhi held that while the company violated FEMA provisions by failing to submit Exchange Control Copies for 12 outward remittances and not surrendering foreign currency, charges against four directors under Section 42(1) could not be sustained. Three directors were appointed after the contraventions occurred, and the fourth was a non-executive director not involved in daily operations. The company's penalty was reduced from the original amount to Rs. 5,00,000 considering the violations were minimal compared to regular substantial imports. The Rs. 1,00,000 penalty imposed on each director was quashed entirely. en-us Sun, 23 Jul 2023 00:00:00 +0530 Tue, 08 Oct 2024 07:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458094 The Appellate Tribunal SAFEMA, New Delhi held that while the company violated FEMA provisions by failing to submit Exchange Control Copies for 12 outward remittances and not surrendering foreign currency, charges against four directors under Section 42(1) could not be sustained. Three directors were appointed after the contraventions occurred, and the fourth was a non-executive director not involved in daily operations. The company's penalty was reduced from the original amount to Rs. 5,00,000 considering the violations were minimal compared to regular substantial imports. The Rs. 1,00,000 penalty imposed on each director was quashed entirely. Case-Laws FEMA Sun, 23 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458094