https://www.taxtmi.com/caselaws?id=468317 Section 35 of the Foreign Exchange Management Act permits an appeal to the High Court on any question of law arising from the Tribunal's order, and the challenge was therefore maintainable. The overseas investment regulations and the corresponding RBI sanction conditions had binding force; requiring timely submission of annual performance reports and audited accounts, they were breached when the appellants failed to file the documents within the prescribed time. That non-compliance constituted a penal contravention under the foreign exchange framework. The penalties imposed on the company and its Managing Director were found reasonable in light of the prolonged default and were upheld. en-us Fri, 12 Apr 2013 00:00:00 +0530 Tue, 28 Apr 2026 17:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468317 Section 35 of the Foreign Exchange Management Act permits an appeal to the High Court on any question of law arising from the Tribunal's order, and the challenge was therefore maintainable. The overseas investment regulations and the corresponding RBI sanction conditions had binding force; requiring timely submission of annual performance reports and audited accounts, they were breached when the appellants failed to file the documents within the prescribed time. That non-compliance constituted a penal contravention under the foreign exchange framework. The penalties imposed on the company and its Managing Director were found reasonable in light of the prolonged default and were upheld. Case-Laws FEMA Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468317