https://www.taxtmi.com/caselaws?id=792803 Subscription rights in a foreign company that confer transferable and valuable interests were treated as foreign security, so the challenge to action under FEMA failed on that point. The Tribunal held that the Department's appeal under Section 37A(5) was maintainable after reading Section 37A as a whole. It also rejected the argument that the shares had zero value, finding that allotment, reflection in company accounts, and later gift transfer showed a real holding of foreign security. However, seizure under Section 37A can extend only to the value equivalent of the foreign security situated in India, so excessive seizure beyond that limit was modified. en-us Thu, 21 May 2026 00:00:00 +0530 Tue, 02 Jun 2026 17:27:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792803 Subscription rights in a foreign company that confer transferable and valuable interests were treated as foreign security, so the challenge to action under FEMA failed on that point. The Tribunal held that the Department's appeal under Section 37A(5) was maintainable after reading Section 37A as a whole. It also rejected the argument that the shares had zero value, finding that allotment, reflection in company accounts, and later gift transfer showed a real holding of foreign security. However, seizure under Section 37A can extend only to the value equivalent of the foreign security situated in India, so excessive seizure beyond that limit was modified. Case-Laws FEMA Thu, 21 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792803