https://www.taxtmi.com/caselaws?id=794357 Vicarious liability under FEMA for a company's failure to realise export proceeds requires strict proof that the person proceeded against was in charge of, and responsible for, the conduct of the business when the contravention occurred, and that the default is attributable to that person's consent, connivance or neglect. Where the notice and order do not specify the individual's role, and the record shows that substantial exports took place after his resignation as director, liability cannot be fastened without proof linking him to the relevant transactions. On the stated facts, the appellant could not be penalised under Section 42(1) of the Foreign Exchange Management Act, 1999. en-us Thu, 02 Jul 2026 00:00:00 +0530 Sat, 04 Jul 2026 08:15:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794357 Vicarious liability under FEMA for a company's failure to realise export proceeds requires strict proof that the person proceeded against was in charge of, and responsible for, the conduct of the business when the contravention occurred, and that the default is attributable to that person's consent, connivance or neglect. Where the notice and order do not specify the individual's role, and the record shows that substantial exports took place after his resignation as director, liability cannot be fastened without proof linking him to the relevant transactions. On the stated facts, the appellant could not be penalised under Section 42(1) of the Foreign Exchange Management Act, 1999. Case-Laws FEMA Thu, 02 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794357