https://www.taxtmi.com/highlights?id=100427 Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security. en-us Thu, 04 Jun 2026 08:37:37 +0530 Thu, 04 Jun 2026 08:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=100427 Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security. Highlights FEMA Thu, 04 Jun 2026 08:37:37 +0530 https://www.taxtmi.com/highlights?id=100427